The leaders in a segment can afford a hypeWe rely on an operational early 2011 startupThe operation should enable him to rise between 1And Facebook proved that his model was strongThere will be no social turn as JeanLouis Borloo wishedAnd 2 of GDP according to the 6 institutesThese figures will appear clearly in the budgetNor let speculation grow without any riskThat of peripheral States reached the summits last weekBut a purely Malthusian policy has never created value in the long termAlexander Vik, Amir Jahanchahi and Benoît Jamar are a significant ticket in the capital of Vivendi. What requirements have you informed when you have met
These shareholders feel that the course of the action has a high potential for appreciation. It is an analysis that the direction of Vivendi shares. And we interact with them, as with all shareholders who so wish.
Were you asked to sit on the Board of Directors
To date, we have not received request in this sense.
Groups such as Viacom and Liberty Media have divided their activities. Is it an example to follow to set up the course
In any case, this strategy has not been validated by financial markets. Stock market prices of the two groups you mention decreased, while that Vivendi is progressing by levels. For a year, the action of our Group climbed 21, while the Stoxx Media index increased by 12 and Stoxx Telecom of 3. Our operational results guarantee the performance of our course. All our trades are profitable since last year and are self-financing. We distribute in 55 of our profit dividend net, or 1.15 billion euros. Which class in the first of the CAC 40.
Fear the competition of telecom operators in the competition for the football rights launched late 2007
We expect to be the only ones to respond to this call for tenders. The extent of the means available to the operators historic telecoms in Europe are formidable competitors in acquisitions of rights. Because they benefit from unprecedented coverage of their margins on the subscription and access. And they are already very present in the acquisition of film rights.
Are what concessions you ready to carry out the merger of CanalSat and GST bouquets
The two competing companies will merge, it is normal that the authorities require measures to protect consumers and third parties. We we're launched in this merger having well considered in detail the conditions imposed in Italy and Spain. We set the limitations not to exceed ourselves and we are very confident about a positive outcome.
Could you sell Studio Canal
Certainly not. It is very important to have direct contact with the film industry.
And in video games, are you considering new acquisitions
In this area, we have created a lot of value for two years and our strategy is to expand through organic growth. This growth may be accompanied to new development studios redemptions. On the other hand, we are not ready to take the risk of acquiring a Publisher. This could slow us down and present risk of execution.
Some evoke a price of 1.5 to 2 billion euros for the musical publishing activity that Bertelsmann would yield. Can this interest you
We are on the lookout for any opportunity in music publishing. We recently purchased rights to catalogues of Prince and Elton John. And this year or next year, some important issues will arise. Our market share in the music publishing leaves margins of manoeuvre to make acquisitions.
Vivendi wants to mount, through SFR, 34 of the capital in Neuf Cegetel. Why
We want to have a strong and sustainable partnership with Neuf Cegetel is a large operator of the fixed phone. This will allow SFR to offer coupled offers, as soon offer coupling mobile and ADSL. As Neuf Cegetel plans to return in the stock market in the fall, we want to go to a third of the capital before the rating, because otherwise we would be obliged to launch an offer for 100 of the capital account of the takeover Act.
What do you think of the withdrawal of Vodafone's Japan
This confirms that the local dimension is paramount in telecoms: distribution, regulation, the needs of customers... vary from one country to another. We apply these principles in leaving a wide autonomy to SFR and Morocco Telecom.
What is the situation in Poland
We were close to announce the tripartite agreement that we concluded late March, but unfortunately a umpteenth judicial rebound delayed things. We remain optimistic.
Where are the "class actions" incurred late 2002
They may still last. We are confident because our accounts have always been published in time, have never been retired or found to be false by any court. In the United States, there were very expensive findings in such cases, but only for companies who had to republish their accounts. I am indignant that is sometimes associated us with companies such as Enron or Parmalat, whose accounts have been recognized in the false. For what is Vivendi, our governance is recognized as copy.
