Vivendi announced Tuesday that it is considering the public listing of SFR, its French telecommunications operator. This is part of the company's plan to reduce its exposure in the capital intensive unit and instead focus on its media businesses.
As such, Vivendi Chairman Jean-Rene Fortou had sought patience from the shareholders as Vivendi is now in the midst of implementing a strategic review of its operations in light of the Maroc Telecom unit sale in the next few weeks.
The signs of restlessness were prevalent as many retail investors that attended the last shareholder's meeting had started to shout 'resign, resign, resign' during the Vivendi Chairman's speech.
Fortou though remains steadfast as it has the support of Vivendi's biggest stockholder, Vincent Bollore.
Fortou said during the shareholder's meeting, "I can assure you that we are progressing on our review although we are not in a rush. Our priorities are doing one or two disposals to reduce debt, and use the proceeds in a way to benefit shareholders. Another priority is to put in place the best strategy for SFR. We could proceed to an initial public offering of SFR later,"
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