Vodafone loses out to Vivendi in the Cegetel battle.(Brief Article)

EuropeMedia, December, 2002

EUROPEMEDIA-(C)2002 Van Dusseldorp & Partners - http://www.vandusseldorp.com/

Mobile giant Vodafone's hopes of taking control of Cegetel were dashed last night when the heavily indebted Vivendi Universal announced that it has decided to exercise its pre-emptive right to acquire BT's prized stake in France's second largest telecoms group.

Jean-Rene Fourtou Chairman and CEO of Vivendi said the company will purchase BT's 26 per cent stake in Cegetel for the sum of E4bn through a Special Purpose Vehicle financed by E1.3bn non-recourse debt and E2.7bn cash.

The acquisition of BT's stake means Vivendi will own 70 per cent of Cegetel and 56 per cent of the French mobile operator SFR.

Vodafone had hoped to acquire Cegetel to take control of...

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