By Sam Schechner
PARIS--Vivendi SA (VIV.FR) plans to invite French industrialist
Vincent Bollore to join its board, the company said Tuesday, after
Mr. Bollore's family group (BOL.FR) increased its stake in the
media and telecommunications group above 5%, making it one of
Vivendi's largest shareholders.
Mr. Bollore's stake stems largely from the sale of two French TV
channels that it sold to Vivendi's pay TV arm Canal Plus in return
for Vivendi shares. The spokesman said in the statement that the
group, known partly for financial operations, intends to hold its
stake "for the long term."
The Wall Street Journal reported in June that Mr. Bollore was
likely to join Vivendi's board this fall, following the TV channel
deal.
Mr. Bollore, known for turning around ailing companies, is
buying into Vivendi as it undergoes a strategic review that seeks
to reorient the company away from its telecommunications assets and
toward media, according to people close to the deal talks.
The company is in the midst of sale processes for its telecom
units in Brazil and Morocco, and it's studying offers for its
French phone operator SFR, though it remains unclear whether it
will seal any deals.
Write to Sam Schechner at sam.schechner@wsj.com