Vivendi CEO says all businesses exceeding forecasts; plans acquisitions UPDATE |
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Published
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Wed, 07 Mar 2007 13:00
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(adds further comments)PARIS (AFX) - Vivendi CEO Jean-Bernard Levy said all of the company's businesses are developing on track and exceeding its forecasts, and that it wants to strengthen them with targeted acquisitions that will be balanced between telecoms and entertainment media.He said Vivendi is interested in seizing opportunities to buy out minority stakes in its businesses such as SFR and Canal Plus if they arise, but has no immediate plans to launch buyout offers.Speaking at a press conference, he also said Vivendi will not sell its stake in NBC Universal this year as the business is 'doing well,' but may in the future.He also said Vivendi will keep its stake in Neuf Cegetel at 40 pct after building it up last year from 28 pct. The stake is owned through Vivendi's SFRm mobile phone unit.He said SFR's results in 2007 will match its 2006 results at best despite strong growth in the number of subscribers due to actions by telecoms regulators that constrain profitability in the mobile phone sector.But he said Vivendi is determined to develop SFR further despite this.Another Vivendi executive addressing the press conference said eBay and other companies are negotiating for rights to put their services on SFR phones.CFO Jacques Espinasse said Vivendi sees overall group sales rising 10 pct this year. Levy said Espinasse will retire at the end of April and will be replaced by Philippe Capron.paris@afxnews.commjs/gpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Vivendi CEO says all businesses exceeding forecasts; plans acquisitions 