Google Translation :{http://bit.ly/1kTPmsd} Le Figaro in French :{http://bit.ly/YxWRez}
The new boss is trying to keep one foot in the telecom media to distribute its content.
After selling a majority stake in SFR Numericable, Vivendi could he decide to remain a major player in telecoms? Before the summer, the question would not even arise. But in early August, proposing to Vivendi to buy back its Brazilian subsidiary, the telecom operator GVT, Telefonica has opened Pandora's box.Spanish then offers € 6.7 billion to Vivendi GVT , 12% of the capital Telefonica Brasil and offers him the opportunity to take 8.3% stake in Telecom Italia (Telefonica owns nearly 15%). For its part, the Italian, who is also present in Brazil via Tim Brasil, have also made contact with Vivendi. Telecom Italiacould put € 7 billion on the table for GVT and offer up to 20% of its capital French group. The supervisory board of the Italian operator should meet early next week to refine its proposal. Time is running out to him, the board of Vivendi headquarters on the 28th On this occasion, Telefonica's offer will be considered. And, if applicable, of Telecom Italia.
With these maneuvers, it is the doctrine of the separation of media and telecoms at Vivendi is shaken. The desired strategy by Jean-Rene Fourtou, who gave up his seat as chairman of the supervisory board to Vincent Bolloré June 24, seems questionable. The outgoing president held out telecom deleverage the group and focus on the media. Under the leadership of his successor, a new approach might draw. "Vincent Bolloré was not in favor of the split between the telecoms and media activities, "says a connoisseur of the file. SFR for repurchase by Numericable is not yet completed, it is even said that the Breton businessman could "not be satisfied with a 20% stake in the new entity, SFR-Numericable." "Everything will depend on the ability of Numericable to finance the acquisition of SFR. With a load of debt that will amount to EUR 100 million per month in 2015, the group may need a second strong shareholder, "says an expert.
Multiple challenges
Why such a shift? The underlying idea is to have access to companies able to distribute media content. So it would be for Vivendi to build a network with significant stakes in telecom operators. A stake in Telecom Italia would fit into this logic. This is what seems to have integrated Telefonica: Spanish operator is preparing to propose to Vivendi agreement for sharing content for television, which would be a way to improve its offer without spending more cash. "Telefonica could distribute more premium content groupCanal + (a subsidiary of Vivendi, Ed). This type of partnership allows both parties to increase their income, "a connoisseur decrypts the file. This analysis does not, however, convinces everyone. "A group of media does not have a stake in an operator to see its distributed content, if they are quality," slice a competitor telecoms operator.
For now, if the game is open between Telefonica and Telecom Italia, the Italian "tropism" of Vincent Bolloré helping to fuel rumors of a possible interest of Vivendi Telecom Italia. The French business leader can claim to know the transalpine market.From 2010 to 2013 he was vice-president of the first insurance group in the country, Generali, and he still holds 8% of Mediobanca. Italian bank has long had interests in Telefonica and Telecom Italia ...