*VIVENDI VERY COMMITTED TO ITALY: DE PUYFONTAINE
*WE CAN BUILD SOLID S. EUROPE PLAYER WITH TEL. ITALIA: VIVENDI
*CONTENT DEALS POSSIBLE WITH VIVENDI: TELECOM ITALIA'S RECCHI
*NO PLANS TO RAISE STAKE IN TELEFONICA AT THIS TIME: VIVENDI
*VIVENDI TO KEEP STAKE IN TELECOM: DE PUYFONTAINE