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Vivendi 'plans pre-emptive strike'
PARIS, France -- The board of Vivendi Universal is expected to meet on Tuesday to discuss whether to raise its stake in French telecom Cegetel in order to fend off a bid from the UK's Vodafone. Vivendi, the world's second biggest media group, is considering increasing its 44-percent holding in Cegetel to maintain control of the cash-rich group, pre-empting a 13.1 billion euro offer from Vodafone to buy out other Cegetel shareholders. In October, Vodafone offered to buy the 85 percent of Cegetel it does not already own from Vivendi, BT Group and U.S.-based SBC Communications. Vivendi rejected the offer for its 44 percent stake in Cegetel. However, the offer was accepted by BT, which owns 26 percent, and by SBC, which has a 15 percent stake in the group. Under a court imposed deadline, Vivendi has until December 10 to counter Vodafone's offer to BT and SBC. Vodafone, Europe's biggest mobile phone operator, and Vivendi are anxious to hold onto Cegetel, which along with its SFR mobile unit is a steady source of cash and provides access to the lucrative French telecom markets. The French newspaper La Tribune on Tuesday reported Vivendi Chief Executive Jean-Rene Fourtou would recommend that the board approve a 4 billion euro counter-bid for BT Group's stake in Cegetel Reuters quoted a sources as saying the meeting would begin between 1300 and 1400 GMT. A Vivendi spokesman declined to comment on the reports. "Unless there is a last-minute change, which would be Vodafone increasing its offer, I do not see how Vivendi can avoid exercising its pre-emption rights for Cegetel," a Paris media analyst told Reuters. The Financial Times reported on Tuesday that Vivendi and Vodafone had held talks at the weekend but concluded they were still too far apart on price. "Vodafone were prepared to raise their offer by quite a lot, but not by enough for Vivendi," the newspaper quoted a banker as saying, adding that about 1.5 billion euros separated the two sides. Vivendi (PEX) shares were down 3.5 percent to 15.87 euros in midday trading in Paris. Vodafone (VOD) was down 1 percent to 122.50 pence in London. Reuters contributed to this report.
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