Vivendi Accepts Numericable Bid For SFR Unit

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Vivendi
A logo of entertainment-to-telecoms conglomerate Vivendi is seen on the main entrance of the company's headquarters in Paris, July 23, 2013.

(Reuters) - France's Vivendi said it had agreed to accept cable company Numericable's bid for its SFR telecom business, worth at least 17 billion euros ($23.3 billion) in total, over rival bidder Bouygues.
 
Vivendi said in a statement on Saturday its supervisory board had unanimously voted to retain Numericable's offer, which promised a first payment of 13.5 billion euros, a separate 750 million euro payment and finally the possibility for Vivendi to own and then sell a 20 percent stake in the new entity.
 
"In total, the offer would be worth more than 17 billion euros," Vivendi said in a statement, adding it had picked the bid that offered the best balance between immediate cash payments and an equity stake in the new business. ($1 = 0.7303 Euros) (Reporting by Lionel Laurent; Editing by David Holmes)

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