By Adria Calatayud

Pershing Square Tontine Holdings Ltd. said Monday that it has decided not to proceed with its proposed acquisition of a 10% stake in Universal Music Group and will assign its share-purchase deal to Pershing Square Holdings Ltd.

Vivendi SE said it has approved Pershing Square Tontine's request to assign its rights and obligations under a June 20 agreement to investment funds with significant economic interests or management positions held by William Ackman.

On June 20, Pershing Square Tontine agreed to acquire 10% of the ordinary shares of UMG in a deal valuing the world's largest music company at about $40 billion.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

07-19-21 0255ET