Vivendi walks away from PagesJaunes offer, cites high price

18 Jul 2006

Media and telecoms conglomerate Vivendi Universal says it will not be bidding for France Télécom’s 54% stake in its directories business PagesJaunes, citing the high price of the offering. In an emailed statement, Vivendi CEO Jean-Bernard Levy confirmed, ‘Primarily, due to price considerations, we will not participate in the bid for the acquisition of PagesJaunes in the best interest of our shareholders.’ The Paris-based company made its decision following an in-depth analysis of the yellow pages operation, having announced its interest in bidding last month. Shares in PagesJaunes, which publishes phone directories in France, Belgium, Luxembourg, Spain and Lebanon, have risen by 7.6% since France Télécom announced on 7 June that it might sell all or part of its 54% stake.

France, Orange Group