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Vivendi to enter exclusive talks with Numericable on SFR
March 14, 2014 / 1:33 PM / 4 years ago

Vivendi to enter exclusive talks with Numericable on SFR

PARIS (Reuters) - Vivendi (VIV.PA) said on Friday that it would enter exclusive talks to sell its SFR telecom unit to Altice ATCE.AS, the parent company of French cable group Numericable NUME.PA.

A logo of entertainment-to-telecoms conglomerate Vivendi is seen on the main entrance of the company's headquarters in Paris July 23, 2013. REUTERS/Christian Hartmann

The talks will last three weeks, and the board of Vivendi will meet again at their conclusion to decide on the future of SFR, France’s second-biggest telecom operator.

“The board considers their (Numericable‘s) offer to be the most pertinent for the group’s shareholders and employees, and carries lower execution risk,” the company said in a statement.

Vivendi confirmed that the Numericable offer included 11.75 billion euros ($16.36 billion) in cash and a 32 percent share in the combined listed entity.

“It also provides Vivendi with pre-determined exit conditions,” the company said.

Reporting by Leila Abboud; Editing by James Regan

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