When the new SFR Numericable entity was created, the group Vivendi kept 20% control in exchange for the sale of the second French operator, which may have required adjustments concerning themedia activity of the two companies.
Now that the merger is effective, SFR Numericable intends to take total control of its destiny by buying this stake. The Vivendi group therefore received this Wednesday a proposal to buy the 20% stake for 3.9 billion euros, or a price of ? 40 per share.
Once again, the fund Altice would participate (for half) in the financing of this operation, while SFR Numericable would opt for a combination combining share buyback program and cash payment.
With the 13.2 billion euros obtained during the buyout of SFR, the Vivendi group could therefore obtain almost 4 billion euros more and ultimately recover a total ofaround 17 billion euros. But Vivendi's management board still has to accept the offer. The Supervisory Board is expected to express the group's position by the end of the month.