Dreyfus group to get EUR66m if Vivendi fails in neuf Cegetel takeover bid

17 Mar 2008

The media and telecoms group Vivendi has pledged to pay EUR66 million (USD101.7 million) to the Louis Dreyfuss group if the former’s bid to take control of French alternative operator neuf Cegetel fails, writes Thomson Financial citing a report in the Les Echos newspaper. It is understood Vivendi’s purchase price for the Dreyfus group’s 28% stake can be increased by up to EUR40 million depending on what date the deal is actually implemented, says Les Echos. Last December, Vivendi reported that its French telecoms unit SFR had agreed to become the majority shareholder in neuf Cegetel via a EUR2.1 billion buyout of Louis Dreyfus’ stock. SFR, which already owns 40.5% of neuf Cegetel, is offering EUR34.5 per share and if successful will launch a buyout offer for the minority shares in neuf Telecom priced at EUR36.5 per share.

France, neuf Cegetel, SFR