Vivendi CFO: Sale Of Activision Stake "Tactical," Not Linked To EMI
November 16 2011 - 3:01AM
Dow Jones News
Vivendi's (VIV.FR) sale of a 3% stake in its computer games
division Activision Blizzard Inc. (ATVI) was a "tactical decision"
and not linked to the need to raise cash to finance recent deals,
Chief Financial Officer Philippe Capron said Wednesday.
Vivendi announced late Tuesday that it has sold 35 million
shares in Activision Blizzard, reducing its stake in the computer
games company by 3% to 60%. Analysts estimated the sale raised $427
million for Vivendi.
Vivendi recently said it would sell EUR500 million of non-core
music assets to help finance its EUR1.4 billion bid for the record
arm of EMI, but Capron said: "This [Activision stake] sale would
have taken place if the deal [with EMI] had been announced or
not."
-By Max Colchester, Dow Jones Newswires; +33 1 4017 1740;
max.colchester@dowjones.com
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