Back in December, Havas parent Vivendi announced that it was examining ways to split up the company, believing that a break-up would unlock greater value for individual units than if they remained Vivendi subsidiaries.  

But senior executives are still pondering alternative schemes for the split.  

In December when the plan was disclosed the company talked about splitting into three different entities. In February the company floated the idea of breaking into four operations. In both instances Havas and other units would have become independent publicly traded companies once more.  

Now the company has raised the idea of what it is calling a “partial split” of Vivendi. Under this scenario, Havas, Canal+ Group and a company comprising certain publishing and distribution assets would become independent publicly traded companies. 

But parent company Vivendi, minus those subsidiaries, would remain “as is,” still publicly traded and “maintaining its role of supporting the transformation and expansion of its subsidiaries and continuing to actively manage its investments.” 

All sorts of approvals—internal and external—would be required if the company’s Supervisory Board approves the split to proceed in this latest configuration, including regulatory bodies and various financial lenders as well as shareholders.  

According to the company shareholders wouldn’t vote on the matter until next spring, possibly at an “Extraordinary” meeting held for purpose.  

No indication yet if the Supervisory Board is close to approving the latest proposed version of the split.