Financial Services Industry
Industry: Email Alert RSS FeedVivendi board rules out $15bn Davis bid.
Financial News, July, 2003
Vivendi Universal, the French media and telecoms group, has thrown out a $15bn ([euro]13bn) takeover bid for its US entertainment assets from a consortium led by Marvin Davis, the US oil billionaire.The Vivendi board, meeting in Paris on Tuesday, also voted to withdraw its Universal Music arm from the auction of assets including Universal Studios, theme parks and cable TV networks.
The decision to retain Universal Music, the world's largest music company, also casts doubt on a separate bid approach by a financial consortium led by Edgar J Bronfman, the Vivendi board director. Bronfman, who sold Universal Music to Vivendi as head of the Seagram group, is keen to re-take control of that business.
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