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‘Paddington’ Firm Canal+’s Shares Down On Day One Of London Trading
Canal+'s share price dipped on its London Stock Exchange debut, but the British government hailed the listing as a "vote of confidence" in the UK.
The British government hailed the decision to list in London as a “vote of confidence” in the UK, although shares were down 20% just after 12 p.m. (4 a.m. PT) local time at about 231p. Canal+ CEO Maxime Saada told CNBC that London had been selected due to Canal+’s focus on English-speaking markets, having invested in productions such as Paddington in Peru and African pay-TV giant MultiChoice, which it is in the process of acquiring. He added that Studiocanal+, Canal’s production arm, could have chosen to “maximize” PaddingtonIn Peru ‘s box office numbers by making “an American movie,” but that this would not have worked out as a long-term play.
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