Vivendi cuts stake in VE
- From: Vol 3, Issue 7 (July 2002)
- Category: Companies
- Region: Europe
- Country: France
- Related Companies: Philadelphia Suburban, Standard & Poor’s, US Filter and Veolia Environnement (formerly Vivendi Environnement)
VIVENDI UNIVERSAL HAS COMPLETED the sale of a 15.6% stake in Vivendi Environnement (VE). The sale, which raised around €1.7 billion, reduced Vivendi Universal’s stake in VE from 63% to 48%. VU’s stake will be further diluted following completion of a €1.5 billion capital increase through a sale of shares by VE.
The share sale, which is underwritten by a number of French institutional investors including BNP Paribas and Caisse des Depots et Consignations, is expected to be concluded by 17 July. Vivendi Universal will then hold a 40% stake in VE. By agreeing to buy up any unsold shares, the group of investors will hold a stake of between 6% and ...
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