The spin-off plan and Vivendi's governance had
drawn criticisms from several activist funds before the
company's annual general meeting.
The proposal to spin-off Universal Music Group, which involves
distributing 60% of Universal's shares to Vivendi shareholders,
received more than 99% of the votes.
Vivendi plans to list Universal, valued at 33 billion euros ($39
billion) by its parent company, in Amsterdam in fall. The group
said Universal could make its market debut on Sept. 21.
Bollore, Vivendi's controlling shareholder with a 27% stake,
would be one of the first beneficiaries of the transaction after
listing the music division, which is home to artists such as
Lady Gaga and Taylor Swift.
Two major investors have already invested in the world's biggest
music label.
William Ackman's Pershing Square Tontine Holdings, a special
purpose acquisition vehicle, has signed a deal to buy 10% of the
music business.
Prior to this transaction, a consortium led by Chinese giant
Tencent bought a 20% chunk in Universal.
($1 = 0.8409 euros)
(Reporting by Mathieu Rosemain and Gwenaelle Barzic; Additional
reporting by Matthieu Protard; Editing by Sudip Kar-Gupta and
Edmund Blair)
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