Vivendi : Possible share buyback offer of 30% after AGM but 2020 set to be tough: how to reconcile these two factors?
>The story is gathering momentum but at “what price� - Vivendi yesterday announced that it finalised the disposal of 10% of UMG’s capital to Tencent based on a valuation of € 30bn. The press release states that the cash will be used for share buybacks and acquisitions. Other tranches could be sold between now and the IPO in 2023, which would see Vivendi own just 51% of the capital. As such, we think a large-scale share buyback offer could be envisaged after the AGM o...Vivendi is an audiovisual group active in the entertainment industry with activities in music, TV, cinema, mobile, fixed and internet, and games. Co.'s operations are divided into five businesses: Canal+ Group which produces and distributes pay-TV in France, analog or digital, and is involved in film making; Universal Music Group which sells recorded music (physical and digital media); GVT which serves as a telecommunication operator for fixed ultra high-speed broadband, fixed-line telecommunications and Pay-TV in Brazil; SFR which is engaged in mobile phone services in France, as well as fixed and ADSL services; and Other Activities which involves ticketing, Wengo and Watchever.
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