Vivendi Plans Offering to Raise $3 Billion
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Vivendi Universal, Europe’s largest media firm, said it would raise about 3.3 billion euros, or $3billion, by selling company-held shares to trim debt and protect its investment-grade credit rating.
The company is offering 55 million shares at 60 to 61 euros, below Friday’s closing price of 62.5 euros. The price is as much as 7% above what Vivendi said it paid to buy back the stake last year.
Vivendi Universal is paying off some of the 8.6 billion euros in debt amassed in buying Seagram Co. and Canal Plus in 2000.
Vivendi’s U.S.-traded shares fell $3.40 to $52.90 on the New York Stock Exchange.
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