PARIS, July 22 Reuters Vivendi said on Monday it will pursue a listing in London for its Canal pay TV unit while its Havas advertising arm will be listed in Amsterdam as it detailed breakup plans.

In April, Vivendi said a feasibility study for its planned split into four separate businesses was progressing.

Canal and Havas would have virtually zero net debt, the company said, adding that Vivendi itself could have net debt of about 1.5 billion euros to 2 billion euros after the move.

No final decision on the breakup has been taken, Vivendi said, adding that it could be taken at the end of October before a potential extraordinary shareholder meeting in December.

Bloomberg reported earlier this month that Vivendi was working with advisers, including BNP Paribas, on the Canal spinoff, lifting the group39;s shares.

The plan comes around three years after Vivendi spun off its majority stake in Universal Music Group. The French group has traded at a significant discount since, analysts say.

Vivendi39;s shares were up by 0.5 in early Paris trading following Monday39;s announcement.

Reporting by Tassilo Hummel; Editing by David Goodman and Alexander Smith

Source Reuters