VIVENDI’S FIRST HALF:
OOH LA LA

Vivendi SA, which last June acquired Seagram Co. for $29 billion, saw its first-half sales rise 9%, driven largely by demand for mobile phone services and U.S. acquisitions by its water and waste divisions.

Sales rose to 19.4 billion euros, while revenue at Vivendi Communication, the media and phone division, gained 68% in the half to 6 billion euros. The utility business, Vivendi Environnement, was up 41% to 12.1 billion euros. That's a lotta French bread.

Chief Executive Jean-Marie Messier has focused on the company's media, Internet and cellular businesses after selling shares in the environmental business last month. The stock rose 2.1% on stronger-than-expected revenue from its mobile phone unit, SFR, moving up 1.75 euros to 84.05 euros.

Messier is seeking to build a European rival to AOL after buying Seagram and purchasing the remainder of Canal Plus SA, Europe's biggest pay TV company. The company plans to combine its communications businesses with Canal Plus and Seagram's film and music units and rename itself Vivendi Universal. Vivendi plans to make an IPO of its Environnement unit, which began trading on the Paris stock exchange two weeks ago, but has delayed it twice and cut the price. Shares in that unit fell .11 euro or .3% to 35.9 euros. The current value of the Seagram offer is based on Vivendi's closing share price on Thursday of 82.3 euros.

What's a euro worth? Good question: .9066 cents as of 8/3. For the conversions, you're on your own.