The French company is moving ahead with plans after failing to reach an agreement with majority shareholder Vivendi.

French media group Lagardere will launch an initial public offering for its 20% stake in Canal Plus, the company announced today (July 2)

The move comes after the company was unable to agree a price to sell the stake to Vivendi, which owns the remaining 80%.

Vivendi was understood to be keen to take full ownership if the pay-TV giant but is reported to be unwilling to pay the $1.7bn.  Last year, Vivendi acquired the 15% of Canal that was previously held by TF1 and M6.

Lagardere is now moving forward with the IPO in accordance with a shareholders agreement signed in 2007.

The move could prompt Vivendi to return to the talks although the company is said to be skeptical about Lagardere’s ability to float the Canal stake at an acceptable price.

Lagardere is unlikely to get much more the €1bn that Vivendi is believed to have offered, according to The Financial Times.