PARIS, Sept 11 (Reuters) – Vivendi said it aimed to
decide early next year on whether to spin off its struggling
French telecoms unit SFR as the once-sprawling conglomerate
seeks to remake itself as a media group focused on music and
Vivendi set the deadline for a decision on a split between
media and telecoms and also named its largest shareholder
Vincent Bollore as vice-chairman of its board in a bid to defuse
a boardroom row.
PARIS/FRANKFURT (Reuters) – A regulatory crackdown on debt could hit Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) harder than expected and embroil Credit Agricole (CAGR.PA: Quote, Profile, Research, Stock Buzz) despite the French bank’s insistence that its ownership structure reinforces its capital defenses.
Global regulators meeting in the Swiss city of Basel in June surprised banks with a new focus on leverage to measure risk, prompting banks holding large amounts of financial derivatives such as Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) and Deutsche Bank to either tap investors for more equity funding or make plans for yet another purge of assets to free up capital.
PARIS (Reuters) – Credit Agricole (CAGR.PA: Quote, Profile, Research, Stock Buzz) reported a more than twelvefold increase in quarterly profit, becoming the latest French lender to beat forecasts as its slimmed down investment bank showed unexpected resilience.
However, France’s third-biggest bank struck a cautious note on the domestic economy, which has become all the more important to the 119-year-old semi-cooperative bank as it unwinds an ill-fated expansion abroad.
PARIS, Aug 6 (Reuters) – Credit Agricole reported
a more than twelvefold increase in quarterly profit on Tuesday
from a year-ago period depressed by Greece and Italy-related
provisions as France’s No. 3 bank refocuses on its home market.
Chief Executive Jean-Paul Chifflet said he expected the bank
- which in 2012 posted a loss close to 4 billion euros ($5.3
billion) related to its exit from Greece and asset writedowns -
to deliver a “significantly positive” result for the full year.
PARIS/FRANKFURT (Reuters) – Europe’s two top insurers, Allianz (ALVG.DE: Quote, Profile, Research, Stock Buzz) and AXA (AXAF.PA: Quote, Profile, Research, Stock Buzz), reported forecast-beating earnings on Friday even as both keep a wary eye on looming regulations, with AXA’s CEO warning of the dangers of an “avalanche of bureaucracy”.
Like other insurers, the two have been struggling against low interest rates that crimp the yield they can earn on their investments but both managed to achieve stronger than expected gains in operating profit, helped by strength in asset management and their property and casualty insurance businesses.
PARIS (Reuters) – The advertising giant to be formed from the merger of Publicis (PUBP.PA: Quote, Profile, Research, Stock Buzz) and Omnicom (OMC.N: Quote, Profile, Research, Stock Buzz) may resolve any clash between its French and U.S. arms by taking on a more American identity, some industry observers said on Monday.
The two companies have portrayed the deal that will create a $35 billion industry leader as a “merger of equals”. They have similar market capitalizations and the new group’s board will be equally split between representatives of Publicis and Omnicom.
PARIS/BANGALORE (Reuters) – France’s Vivendi (VIV.PA: Quote, Profile, Research, Stock Buzz) said on Friday that it planned to sell 85 percent of its stake in Activision Blizzard Inc (ATVI.O: Quote, Profile, Research, Stock Buzz) to the video games maker and its management for $8.2 billion, its second blockbuster deal in the past week.
Vivendi is selling the shares for $13.60 each, a 10 percent discount to Activision’s closing price on Thursday. After the deal, Vivendi will retain a stake of 83 million shares, or 12 percent of the video games maker best known for the Call of Duty series and online multi-player game World of Warcraft.
PARIS, July 25 (Reuters) – France’s biggest private
broadcaster TF1 on Thursday reported a milder than
forecast 17-percent slide in quarterly profit and reiterated a
full-year sales target already reduced to reflect the weak
Its shares surged 9 percent on relief that its 48.4 million
euro ($64.06 million) second-quarter profit – as well as a 5
percent drop in second quarter advertising revenue – were ahead
PARIS, July 23 (Reuters) – Vivendi SA’s
long-flagged deal to sell its controlling stake in Maroc Telecom
to Abu Dhabi-based Etisalat is just the first step in the French
conglomerate’s bet that it can remake itself as a media-focused
Vivendi said on Tuesday it had entered into exclusive talks
to sell its majority stake in Maroc Telecom to Etisalat
for 4.2 billion euros ($5.54 billion) in cash.
LONDON/PARIS (Reuters) – French conglomerate Vivendi is set to announce the sale of its 53 percent stake in Maroc Telecom to Dubai-based Etisalat in one of the biggest emerging market deals this year, three sources with direct knowledge of the situation said.
Vivendi is expected to sell its stake for around 4.2 billion euros ($5.5 billion), close to its current market value. The board met on Monday to discuss the deal and go over quarterly results.