French media conglomerate Lagardere SCA (MMB.FR) said Thursday that it intends to sell its 20% stake in Canal Plus France, a unit of Vivendi SA's (VIV.FR) Canal Plus Group.

Lagardere has said the sale of the stake, valued by analysts at about EUR1 billion to EUR1.5 billion, would happen once market conditions improved.

The company's chief financial officer, Dominique D'Hinnin, said late last year that media-to-telecom group Vivendi would be the likely buyer.

Under the conditions of a Canal Plus France shareholder agreement, Lagardere will first enter talks with Vivendi over the stake sale. If they fail to reach an agreement, Lagardere can sell the stake on the market.

If Vivendi acquires the stake, it will give it 100% ownership of Canal Plus France.

In recent months, Vivendi has bought up the other minority stakes in Canal Plus France from French broadcasters Television Francaise 1 SA (TFI.FR) and M6-Metropole Television SA (MMT.FR).

Vivendi and Lagardere didn't provide any further details.

-By Patricia Kowsmann and Jethro Mullen, Dow Jones Newswires; +44(0)207-842-9295; patricia.kowsmann@dowjones.com
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