Vivendi SA (VIV.FR) will use some proceeds from divestments for
a special dividend or share buyback, Chairman Jean-Rene Fourtou
told French daily Les Echos for its Monday publication.
Shareholders will get details with the first-quarter results'
report in mid-May for consideration at the June 24 annual meeting,
Les Echos quoted him saying.
Vivendi, with its divestment program complete, will have cash of
around 5 billion euros while maintaining significant holdings in
the companies it divested like a 20% stake in SFR-Numericable worth
around 4 billion euros and 12% in Activision Blizzard valued at
more than 1 billion euros, he said in the report.
Vivendi's new structure will allow it to take on debt for
acquisitions, Mr. Fourtou added in the report.
French cable operator Numericable Group SA (NUM.FR) will have a
rights issue of up to 4.7 billion euros to help buy Vivendi's phone
unit SFR, the Numericable's parent company Altice SA (ATC.AE) said
Sunday.
Vivendi said Saturday its board unanimously voted for a bid from
Altice that includes 13.5 billion euros in cash plus a potential
further payout of 750 million euros ending a bidding war with rival
Bouygues SA (EN.FR).
Mr. Fourtou said in the interview a merger with Bouygues had
become "untenable in terms of competition" with regulators
demanding remedies that would have strengthened rival operator Free
Mobile.
Full story: www.lesechos.fr
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