Lee Boy • Yesterday, 5:38 PM
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- 3Q14 and 9M14 results in line with the expectations.
- Thanks to the recent asset disposals, Vivendi has almost €9 billion to invest or give back to the shareholders. An extraordinary dividend or share buyback could be expected in 2015.
- The French company should also focus its activity on digital media and content, which could be appreciated by the market.
- Expansion in French-speaking emerging markets and especially Africa keeps going on, which should drive the revenues in the long term.
A Bright Future In Africa Makes Vivendi A Long-Term Buy
- Vivendi and its pay TV subsidiary Canal+ could get hit hard by Netflix in France.
- However, Vivendi has a massive expansion opportunity in French-speaking Africa.
- The market could focus on the short term without seeing the big picture.
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Mon, Aug. 18, 2:44 PM
- Reuters reports Telefonica (TEF +0.2%) will include a TV content-sharing deal as part of its offer to Vivendi (OTCPK:VIVHY) for Brazilian wireline carrier GVT. A source states the revised bid is worth €7B ($9.4B), topping Telefonica's prior €6.7B offer.
- Bloomberg has reported Telecom Italia (TI -1.8%) is willing to offer up to €7B for GVT. However, TI's offer is reportedly all-stock, whereas Telefonica is offering both cash and stock.
- In addition, analysts have noted Telefonica's Spanish pay-TV presence could appeal to Vivendi, which owns a sprawling media empire.
- Related tickers: VIV, TSU
Sun, Aug. 17, 9:00 AM
- Telecom Italia (NYSE:TI) is preparing an offer of as much as €7B ($9.4B) to outbid Telefonica (NYSE:TEF) for Vivendi's (OTCPK:VIVHY) Brazilian broadband unit GVT, Bloomberg reports.
- Previously, Telefonica offered $9B to merge GVT with its mobile and wireline subsidiary Vivo.
- If the deal goes through, Vivendi would receive a 20% stake in Telecom Italia and a share in the combined companies' Brazilian units.
Thu, May. 22, 12:10 PM
- Vivendi (VIVHY) will receive net proceeds of ~$850M by selling 41.5M Activision (ATVI -1.1%) shares (a 5.8% stake) at $20.70. The price is modestly below Activision's Wednesday close of $20.87.
- The sale is part of a broader cash-raising effort by Vivendi. Last month, the conglomerate agreed to sell French mobile carrier SFR for over $23B.
Sun, Apr. 6, 1:16 AM
- Vivendi (VIVEF) has decided to sell its SFR unit to Luxembourg-based cable and mobile provider Altice despite Bouygues sweetening its offer for the mobile business at the last minute.
- Altice will pay €14.25B in cash and give Vivendi a 20% stake in a company that will be created via the merger of SFR and Altice's French Numericable subsidiary. The whole deal is worth over €17B ($23.3B), above the €16-16.5B that Bouygues bid.
- In addition, Vivendi believes that selling SFR to Altice "presents the lowest competition risk."
- Previous (PR)
Fri, Apr. 4, 5:23 PM
- Activision's (ATVI) shelf registration paves the way for Vivendi (VIVHY) to halve its remaining stake to 5.8% through a future offering. (S-3)
- At current levels, such a sale would yield Vivendi gross proceeds of $830M. The filing comes 9 months after Vivendi agreed to sell most of a 60% stake in Activision through an $8.2B leveraged recap deal.
- ATVI -0.8% AH
Fri, Apr. 4, 7:37 AM
- Bouygues (BOUYY) has increased the cash component of its of bid for Vivendi's (VIVEF) SFR to €15B ($20.6B) from €13.15B in a deal valued at €16B, or up to €16.5B including an "earn-out clause."
- Vivendi would also receive 10% of a new company that would be formed from a merger between SFR and Bouygues Telecom.
- Vivendi's supervisory board is meeting today to decide whether to finalize a deal with its preferred bidder, Altice, which has made a bid valued at €20B including debt. Altice has offered €11.75B to merge its Numericable unit with SFR, with Vivendi to get 32% in the combined firm. Bouygues' bid could re-open the process.
Tue, Apr. 1, 7:11 AM
- Bouygues (BOUYY) has extended its revised offer for Vivendi's (VIVHY) French mobile telephone unit SFR by two and a half weeks until April 25 and said it would pay a breakup fee of €500M ($690M) if regulators block a merger of Bouygues Telecom with SFR.
- Bouygues' action comes after it sweetened its offer last month in response to Vivendi choosing to conduct exclusive negotiations over SFR with Luxembourg-based cable and mobile provider Altice.
- Bouygues has offered €13.15B for SFR and for Vivendi to receive a 21.5% stake in the combined Bouygues Telecom-SFR. Altice has bid €11.75B to merge its Numericable unit with SFR, with Vivendi to get 32% in the combined firm.
Thu, Mar. 20, 2:32 PM
- Bouygues is now offering Vivendi (VIVHY) €13.15B ($18.1B) in cash for rival French carrier SFR, along with a 21.5% stake in the combined entity. Numericable has offered €11.75B in cash and a 32% stake.
- The cash portion of Bouygues' bid has been raised by €1.85B. The company asserts its new offer grants SFR a value of €17.4B after factoring synergies, and that it plans an immediate IPO for the combined entity, thus giving Vivendi a chance to quickly monetize its stake.
- Last week, Vivendi said it would hold exclusive talks with Numericable parent Altice for three weeks before making a decision. Bouygues, meanwhile, tried to appease regulators by agreeing to sell assets to rival Iliad (Free) in the event of an SFR deal.
- Orange (ORAN +0.5%) investors are hoping Bouygues wins out, thereby cutting the number of French mobile carriers to three. Shares rallied last week on news of the Iliad deal, and turned positive today after Bouygues upped its SFR offer.
Fri, Mar. 14, 7:35 AM
- French Industry minister Arnaud Montebourg believes that Vivendi (VIVHY, VIVEF) prefers Numericable's bid for its SFR mobile unit over an offer from conglomerate Bouygues (BOUYY).
- However, there are concerns about a potential Numericable victory, Montebourg says, including the small size of the company relative to SFR, its debt, and its offshore ownership structure. Numericable's ulitmate owner, billionaire Patrick Drahi, controls the company via Luxembourg-based Altice.
- Montebourg prefers the Bouygues offer, as the company has pledged not to cut jobs.
- Vivendi's board was due to meet today to discuss the rival offers, which both value SFR at over $20B.
Mon, Mar. 10, 4:06 AM
- French conglomerate Bouygues (BOUYY) has agreed to sell part of its network and wireless spectrum to smaller French competitor Iliad for up to €1.8B ($2.5B) if Bouygues succeeds in its efforts to merge its mobile phone unit with Vivendi (VIVHY, VIVEF) subsidiary SFR.
- The asset sale would be part of Bouygues' attempts to assuage antitrust concerns in France about the cellular deal.
- Bouygues faces competition for SFR from Amsterdam-listed Altice, which doesn't face the same antitrust hurdles as Bouygues.
Thu, Mar. 6, 3:37 AM
- Bouygues (BOUYY) has offered €10.5B ($14.42B) to acquire a 49% controlling stake in Vivendi's (VIVHY, VIVEF) SFR mobile unit.
- Bouygues would then merge its telecom subsidiary with SFR and list the combined entity as soon as possible.
- Vivendi would be left with a 46% holding after the merger and advertising firm JCDecaux 5%.
- However, the deal would probably face a tough regulatory review given that SFR and Bouygues Telecom are the number two and three mobile operators in France by subscribers.
- Bouygues also faces competition for SFR from Amsterdam-listed Altice, which has reportedly offered €11B in a deal that would leave Vivendi with 30%+ of the new company.
Wed, Mar. 5, 5:05 PM
- Vivendi (VIVHY, VIVEF) has confirmed both cable giant Numericable and telecom/construction conglomerate Bouygues have made bids for its SFR mobile unit. The company adds each bid comes with financing commitments.
- Reuters has reported Numericable's bid values SFR at €15B ($20.6B), and would give Vivendi a 30% stake in the post-merger company.
- Regulators would likely give less scrutiny to a deal with Numericable than one with Bouygues, given the former wouldn't lower France's mobile carrier count. Either deal could yield a tougher competitor for SFR rivals Orange (ORAN +1%) and Iliad (Free).
- As of September, Orange had 26.8M subs, SFR had 21M, Bouygues had 11.1M, and Iliad had 7.4M.
Mon, Feb. 24, 7:10 AM
- Vivendi (VIVHY) has received an approach from Amsterdam-listed Altice about an alliance between Vivendi's mobile unit SFR and Altice's cable firm Numericable.
- However, Vivendi hasn't yet received a formal offer.
- Reuters earlier reported that the the deal being discussed would value SFR at €15B ($20.6B) and give Vivendi a 30% holding in the combined entity. (PR)
Nov. 15, 2013, 4:18 AM
- Vivendi's (VIVHY) FQ2 net profit dropped to €376M from €493M a year earlier, hurt by further declines at its French telecom unit SFR.
- EPS 28 cents per share vs 38 cents per share.
- Adjusted revenue +0.2% to €5.35B, in line.
- Adjusted EBIT dropped 23% to €730M, in line with some analysts' expectations.
- Vivendi confirmed its FY guidance for all units.
- Vivendi hopes to split off SFR, its largest subsidiary, by next year. The unit has been hit by a price war in France.
- Shares +2.85% in Paris. (PR)
Nov. 5, 2013, 8:16 AM
- Vivendi (VIVEF) sells its 53% stake in Maroc Telecom (MAOTF) to UAE's Etisalat for €4.2B ($5.7B) in cash. The companies intend to close the deal by the beginning of 2014.
- Negotiations began in April, with Etisalat becoming the only potential buyer after Qatar's Ooredoo withdrew from bidding in June. The Moroccan state holds a 30% stake in Etisalat and wanted to ensure that the new owner would invest in mobile infrastructure.
- The divestment builds on an overarching strategy of Vivendi to focus on its media and content businesses.
Oct. 1, 2013, 8:46 AM
- Echostar (SATS) and Vivendi (VIVHY.PK) subsidiary GVT are negotiating a pay-TV service joint venture in Brazil, reports Financial Times.
- The move would allow GVT to offer standalone TV services as opposed to its current triple-play-only offers (fixed-line, TV, and internet). GVT has grown rapidly and won 500K customers since it started the business in 2012.
- Bernstein analyst Claudio Aspesi noted, "This would give GVT the opportunity to distribute their content on a wider footprint." The JV may also benefit from increased pay-TV demand on the back of the 2014 World Cup, which Brazil will host.
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