Vivendi Universal is understood to have written to its bank lenders outlining a plan to take control of the French telecoms company, Cegetel, without increasing its substantial debt burden.
According to a report in today’s
Financial Times, the media group is proposing to create a special purpose vehicle with which it would make the acquisition of the 26% stake in Cegetel currently held by BT. This structure would allow Vivendi to keep the additional debt off its balance sheet, says the paper.
Vivendi’s offer would rival a E6.8 billion bid for the holding already in place from UK telecoms group, Vodafone (see Vivendi Seeks New Funds For Cegetel Bid). Vivendi is allowed to pre-empt any bid for BT’s share and would secure the stake if it offered the same amount as Vodafone.
