Lagardere has decided to execute its annual option to offer its 20 per cent stake in Canal Plus for sale. It can go to the market but only after majority owner Vivendi has decided whether to take up a preference option. Credit Suisse values the stake at about E1.2 billion.

Lagardere, which publishes Elle and Paris March, is selling non-core assets after shareholder criticism about focus. In recent months Vivendi has brought its share of Canal Plus to 80 per cent after buying 10 per cent of from TF1 and 5 per cent from M6.

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