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Vivendi trumps Vodafone bid

12 April 2012

TROUBLED media giant Vivendi Universal trumped Vodafone's £8.2bn bid for control of SFR, France's second-biggest mobile phones group. Vodafone had offered to buy SFR's majority owner Cegetel. But Vivendi, with 44% of Cegetel, had right of first refusal and yesterday matched Vodafone's £2.5bn offer for a 26% stake owned by BT.

Vivendi wanted Vodafone to pay more. It has been seeking a new strategy after its bid to be a one-stop European media and communications shop failed. Telecoms company Cegetel is one of its most profitable assets.

Vodafone will still spend £1.5bn buying a 15% stake in Cegetel owned by US giant SBC, but has withdrawn its £4.2bn offer for Vivendi's stake. It claims the SBC buy will lift its underlying earnings in the first full year of acquisition. Vodafone also unveiled a marketing deal with Estonia's Radiolinja Eesti.

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