Vivendi: Management Board Reaction
March 23 2015 - 7:59AM
Business Wire
Regulatory News:
Vivendi (Paris:VIV):
The press today cites the request from an activist American
Hedge Fund, P. Schoenfeld Asset Management (PSAM), which owns
slightly less than 1% of the share capital, to increase the
dividend to be paid to shareholders.
In fact, the Vivendi Management Board confirms it received a
letter on the 22nd December last year from PSAM, asking for the
sale of Universal Music Group (UMG).
Arnaud de Puyfontaine, Chairman of the Management Board, has
made it clear on several occasions, and notably at a conference in
London on 17th March, that UMG is not for sale and, along with
Canal+ Group, constitute the strategic pillars in the building of a
major industrial media and content group.
Today PSAM appears to be submitting new requests which will be
examined by the Management Board.
The Vivendi Management Board also wishes to stress that the
majority of shareholders met recently are satisfied with the medium
term strategy enabling the Group to create value through an
ambitious internal and external development plan. The return to
shareholders is intended to amount to 5.7 billion euros, which
seems well balanced, keeping the 1 euro dividend for a period of
three years and a potential share buy-back of 2.7 billion euros at
a maximum share price of 20 euros.
The Management Board opposes the dismantling of Vivendi and
reaffirms its desire to build a Paris-based, global industrial
content and media group.
About VivendiVivendi groups together leaders in content
and media. Canal+ Group is the French leader in pay-TV, also
operating in French-speaking Africa, Poland and Vietnam; its
subsidiary Studiocanal is a leading European player in production,
acquisition, distribution and international film and TV series
sales. Universal Music Group is the world leader in music. Vivendi
Village brings together Vivendi Ticketing, Wengo (expert
counseling), Watchever (subscription video-on-demand) and the
Paris-based concert hall L’Olympia. In addition, Vivendi currently
owns GVT a fixed very high-speed broadband, fixed-line telephony
and pay-TV services operator in Brazil. www.vivendi.com
Vivendi
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