An attempt by Vivendi to reduce its debt level by selling off 55 million shares held in treasury stock failed yesterday when more than a third of the stock was left unsold. The offer was backed by Deutsche Bank and Goldman Sachs and aimed to raise E3.3 billion for Vivendi Universal. Its announcement, however, precipitated a 10% fall in Vivendi’s share price.
As the offer was backed by the banks Vivendi will still receive around E3.3 billion or E60-a-share for the stock. ABN AMRO estimates that Deutsche Bank and Goldman Sachs are currently sitting on a loss of at least E66 million.
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