Vivendi Universal’s third quarter results show revenues down by 2% at E14.6 million, whilst consolidated operating income was up 7% at E1.2 million. The results are slightly below expectations, although the outlook was not negative, with a number of disposals helping to ease the group’s debt.
Vivendi is currently in a battle with Vodafone to take control of a 26% stake in French telecoms company, Cegetel (see
Vivendi Seeks New Funds For Cegetel Bid). The French media organisation has a pre-emptive right on the stake in Cegetel, which is currently held by BT.
There has been recent press speculation that Vodafone might even make a takeover bid for Vivendi as part of its plans to take control of Cegetel. Takeover rumours have been rife since oil tycoon, Martin Davis approached Vivendi with a E15 billion offer for its European and US entertainment assets (see Vivendi Receives €15bn Offer For Ents Businesses).
Earlier this week, Vivendi raised $1.2 billion by selling half of its 40% stake in the utilities arm, Vivendi Environnement but it has so far maintained that its music and entertainment businesses are not for sale.
