Wed, Apr. 8, 3:48 PM
- Vivendi (OTCPK:VIVHY) and activist shareholder P. Schoenfeld Asset Management have reached a deal to end a tense fight, and the media conglomerate will propose a €2/share dividend that will push cash payouts to shareholders of €6.75B (about $7.3B).
- Chairman Vincent Bolloré had been buying shares by the millions to increase his stake to 12% in a defensive maneuver as PSAM pressed the company to sell Universal Music Group and issue €9B in special dividends.
- PSAM will withdraw two resolutions it planned to put before shareholders at the company's April 17 meeting: “Mr. Bolloré has demonstrated his sensitivity and willingness to respond to shareholder concerns."
- If approved, the new dividend will be paid in two tranches, in Q4 of this year and Q1 of 2016.
- Vivendi shares in the U.S. have climbed to +3.1%.
- Previously: Vivendi fight: Bolloré raises stake again, to 12% (Apr. 02 2015)
- Previously: Hedge fund accuses Vivendi chairman of loading up at low value (Mar. 30 2015)
Aug. 27, 2014, 11:08 AM
- Oi (OIBR +9.6%) says it has hired i-bank BTG Pactual to help it explore options for buying Telecom Italia's (TI +4.3%) TIM Participacoes (TSU +6.2%) Brazilian mobile/wireline unit. Shares of all 3 companies are rallying, as are those of Portugal Telecom (PT +6%) and Telefonica's Brazilian unit (VIV +2.4%).
- Given Oi's debt load (almost $20B) and potential antitrust concerns, many think a bid for TIM (would lower the number of Brazilian mobile carriers to 3) can only work if Oi partners with other carriers to acquire and break up TIM. America Movil (AMX +0.7%), which owns rival carrier Claro, is viewed as a potential partner.
- Oi's disclosure comes as a bidding war between TI and Telefonica (TEF +0.8%) for Vivendi-owned (OTCPK:VIVHY) Brazilian wireline carrier GVT heats up. Reuters reports TI will make a €7B ($9.2B) bid for GVT that would give Vivendi a 15%-20% stake in TI; the WSJ reports Telefonica's board is meeting today to consider upping its €6.7B ($8.8B) GVT bid.
Aug. 5, 2014, 2:50 PM
- Telefonica (TEF -3.1%) and Brazilian subsidiary Vivo (VIV -7.5%) are off sharply following news Telefonica has bid $9B to acquire Brazilian wireline carrier GVT from Vivendi (OTCPK:VIVHY +1.9%), with plans to merge it with Vivo's mobile and wireline ops.
- America Movil (AMX -2.5%), which had 68.8M Brazilian mobile subs and 34.5M wireline revenue-generating units at the end of Q2, is also off. As are Telecom Italia (TI -6%) and Brazilian unit TIM Participacoes (TSU -9.7%), and Oi (OIBR -6.7%) and merger partner Portugal Telecom (PT -5.1%).
- Vivendi says it will study Telefonica's bid, but insists for now that "none of its subsidiaries are for sale." The conglomerate agreed to sell French carrier SFR in April.
- A Vivo/GVT pairing could be a tougher rival for America Movil and Oi/PT, and would likely lead to a sale of Telefonica's stake in TI (as sought by Brazilian regulators). As it is, Telefonica has announced plans to cut its TI stake (currently at 14.8%) through a convertible debt offering.
- There's speculation Vivendi could take Telefonica's remaining TI stake as part of its payment for GVT, but Nomura has its doubts. "It's hard to see why, from a Vivendi shareholder's perspective, they would want to have a minority position in Telecom Italia."
May. 15, 2013, 11:54 AM
Mar. 20, 2013, 1:05 PMVivendi (VIVHY.PK) is thinking of spinning off its SFR French mobile phone unit, four sources tell Bloomberg. One proposal involves SFR, which made up ~40% of Vivendi's 2012 sales, assuming most of the conglomerate's debt. The sources caution a split could take 3-5 years to pull off, and would likely happen following the sale of Vivendi's 53% stake in Morocco's Maroc Telecom. Vivendi closed up 4.4% in Paris on the news; SFR rival France Telecom (FTE +3.1%) spiked higher, and is seeing decent gains in the U.S. | 1 Comment
Aug. 3, 2012, 9:48 AMSpeculation that Vivendi (VIVHY.PK) is reportedly shelving plans to find a buyer for its $8B, 61% stake in Activision (ATVI -5.7%) is followed by the latter selling off on account of its Q2 report, with strong sales of Skylanders merchandise outweighed by tepid guidance and a major drop in World of Warcraft subs. (ATVI transcript) | Comment!
Jun. 29, 2012, 4:03 PMVivendi (VIVHY.PK) is seeking a buyer for its 61%, $8.1B stake in Activision (ATVI +4.4%), Bloomberg reports. It's added that if no buyer emerges, Vivendi will sell part of its stake on the open market. With Vivendi undergoing a CEO shake-up and chairman Jean-Rene Fourtou under pressure to restructure, other asset sales could also be on the way. | Comment!
Jun. 7, 2012, 3:49 PMVivendi (VIVHY.PK +2%) reportedly is considering reorganization options, including the potential sale of all or part of its 61% stake in videogame publisher Activision (ATVI -2.5%). Unclear is what Vivendi might do with any proceeds from selling the ATVI stake, who might be interested in buying it, or whether a such move would lead to an acquisition of the company in whole. | 2 Comments
Apr. 25, 2012, 5:48 PMVivendi (VIVHY.PK) is considering an overhaul of its company structure that may lead to a breakup, Bloomberg reports. One option is to split in two, with one part including media assets such as Universal Music and video-game maker Activision Blizzard (ATVI); the other would contain telecom and content distribution units. Shares spiked +7.7% before the close, +1.1% AH. | Comment!
Mar. 1, 2012, 11:35 AMVivendi (VIVHY.PK) hurtles 9.75% lower after CEO Jean-Bernard Levy warns its earnings will fall in 2012 and 2013 due to the entrance of a fourth mobile-phone operator in France, where Vivendi owns SFR. The company also said it would cut its dividend. Net profit in 2011 rose 22% to €2.68B, although revenue was flat at €28.81B. | Comment!
Nov. 15, 2011, 2:13 PMVideogame stocks slide after Vivendi (VIVHY.PK) sells 35M shares of Activision Blizzard (ATVI), reducing its stake by about three percentage points to 60%. The 35M shares represent nearly four days of average trading volume in the stock; pressured by the increased supply, ATVI -4.3%, to $12.25. Also: THQI -7.6%, GME -2.8%, TTWO -1.2%, ERTS -0.2%. | Comment!
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