PARIS French media giant Vivendi (VIV.PA) on Wednesday ruled out making a hostile bid for video games maker Ubisoft (UBIP.PA).
"We do not want to make a hostile bid for Ubisoft," Vivendi Chief Operating Officer Stephane Roussel told reporters.
Roussel is also CEO of games maker Gameloft, which Vivendi took over in June. Ubisoft shares fell 3.5 percent following Roussel's statement.
Vivendi, led by billionaire Vincent Bollore, wants to be represented on Ubisoft's board after becoming the company's biggest shareholder earlier this year. It owns 22.63 of equity and more than 20 percent of voting rights.
That request has been denied by Ubisoft's founding Guillemot family, which owns a 9 percent stake and 15 percent of the voting rights, because it considers the move hostile.
(Reporting by Gwenaelle Barzic; Writing by Geert De Clercq; Editing by Susan Fenton)