By Quentin Webb
LONDON, July 19 (Reuters Breakingviews) - The French
conglomerate rejected an $8.5 bln bid for Universal Music, the
FT says. Vivendi is trying to scale back in telecoms and focus
on a ragbag of media assets. But why not aim for a full breakup?
Rebuffing this rich offer leaves the company with some
explaining to do.
Full view will be published shortly.
SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS:
- Vivendi rejected an $8.5 billion offer from Japanese
telecoms group SoftBank to acquire Universal Music, the
Financial Times reported on July 18, citing people familiar with
the proposal. Vivendi rejected the all-cash offer for the
world’s biggest music group, made about 3 months ago, because it
sees music as central to its strategy.
- Vivendi declined to comment on the report. Shares in
Vivendi rose 0.95 percent by 0750 GMT on July 19, to 15.36 euros
a share. SoftBank completed its $21.6 billion takeover of Sprint
Nextel Corp, the U.S. mobile carrier, on July 10.
- FT (subscription required): Vivendi spurned $8.5bn
Universal Music bid
- Reuters: Vivendi rejected $8.5 bln SoftBank bid for
Universal Music –FT [ID:nL6N0FO45Q]
Shoot ‘em up [ID:nL6N0FE1B7]
(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own)
- For previous columns by the author, Reuters customers can
click on [WEBB/]
(Editing by Pierre Briançon and David Evans)
Keywords: BREAKINGVIEWS VIVENDI/
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