Vivendi SA ADR(VIVHY)- OTCPK - Current
  • Mar. 23, 2015, 5:42 PM
    • Following on the earlier report that Vivendi (OTCPK:VIVHY) is resisting its call to sell its music business, hedge fund P. Schoenfeld Asset Management is calling for €9B ($9.9B) in special dividends from the company.
    • After that, Schoenfeld says, cash-rich but "significantly undervalued" Vivendi would still have €5B left for ample expansion.
    • The fund is piloting a collision course with Vivendi chairman Vincent Bolloré at the April 17 annual meeting.
    • Bolloré owns 8.2% of Vivendi's capital; while PSAM owns less than 1%, it plans a proxy fight.
    • Vivendi didn't comment on this specific request, but it said last month it planned to return more than $6B to investors in the next couple of years, so the difference between the two may come down to pacing.
    • Previously: Vivendi: No plans to sell music business (Mar. 23 2015)
    | Mar. 23, 2015, 5:42 PM
  • Mar. 23, 2015, 10:30 AM
    • Vivendi (OTCPK:VIVHY +1.9%) is sticking up for its music business, saying it's opposed to a sale and dismissing a winter request it got to do so from hedge fund P. Schoenfeld Asset Management.
    • The comments come as the fund gets ready to press its case at Vivendi's annual meeting in April.
    • "The management board opposes the dismantling of Vivendi and reaffirms its desire to build a Paris-based global industrial content and media group," Vivendi says, though it's gotten considerably more slender in recent years, confining its media business to Universal Music Group and pay-TV provider Canal Plus.
    • Vivendi is flush with cash and plans to put €5.7B ($6.17B) into dividends and buybacks by mid-2017, but some minority shareholders are agitating for still more after Vivendi agreed to sell its remaining stake in French telecom SFR.
    | Mar. 23, 2015, 10:30 AM
  • Jul. 22, 2013, 4:25 AM

    Vivendi (VIVEF.PK) is reportedly expected to discuss plans at a board meeting today for Activision Blizzard (ATVI) to pay a special dividend of over $3B. With a 60% holding in the video-games company, Vivendi would receive $2B, although Activision would have to raise debt to pay for the dividend. Vivendi's directors will also talk about a sale of its controlling stake in in North African phone operator Maroc Telecom (MAOTF.PK) for about $5.5B plus debt to Emirates Telecom. The money will allow Vivendi to reduce its €13.19B debt and could presage a spin-off of its SFR French phone operator subsidiary.

    | Jul. 22, 2013, 4:25 AM
Company Description
Vivendi is one of the few multimedia groups in the world to operate across the entire digital value chain. It creates and publishes content for which it develops broadcast networks and distribution platforms.
Sector: Services
Industry: Entertainment - Diversified
Country: France