Canal+’s shares fell on the London Stock Exchange and Havas’s stock rose on Euronext Amsterdam, as they started trading as standalone companies after their spinoffs from French media group Vivendi.The listings of Vivendi’s former core businesses culminated a yearlong process that ended with a four-way split of the conglomerate backed by the family of French billionaire Vincent Bollore.

The stocks of ad giant Havas and publisher Louis Hachette rose though following the split designed "to fully unleash the development potential of Vivendi's different activities."

Vivendi's supervisory board approved a company split last year to unlock its assets' full potential, creating three entities: Canal+, Havas, and Lagardère’s investment arm.