Double vision

1 May 2003

JeanRene Fourtou says he wants to turn an overgeared mess into a mess with no debt. The target is as irrational as the starting point. This is less loony than it looks. It tells wouldbe bidders for Vivendi’s US assets a lot about how Fourtou hopes to treat them.

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Vivendi's chief executive wants to sell its US entertainment arm VUE, and hold onto a selection of the conglomerate's assets in telecoms, music, and payTV. In his speech to the group's annual general meeting on 29 April, JeanRene Fourtou said his vision for Vivendi at the end of 2004 was a more or less debtfree holding company consisting of its 70% share in telecoms firm Cegetel, its 35% of Maroc Telecom, Universal Music Group, and a restructured Canal +. On the same day, Vivendi launched a bidding process for its 95% interest in VUE.

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