Shareholders of Vivendi SE (ENXTPA:VIV) approved its plan to spin off its prized Universal Music Group, Inc. The proposal, which involves the distribution of 60% of Universal Music Group's shares to Vivendi shareholders, received more than 99% of votes at the company's annual shareholders meeting. Vivendi plans to list Universal, valued at EUR 33 billion ($39 billion) by its parent company, in Amsterdam in late September.