RUMOR MILL
Monday, June 26, 2000
VIVENDI TO OFFER IPO
French Company To Go Public With Utility Business
Vivendi, proposed purchaser of Universal Music Group parent Seagram, said it expects to raise about 4 billion euros ($3.75 billion) in an initial public offering of its utility business as part of its plans to transform itself into a television, music and Internet company.
Vivendi said it will price the 30%-35% it's selling of the unit at 35-40 euros each, Bloomberg reports.
The shares will start trading in Paris on July 12.
The company also said it rejected a 30 billion euro cash offer from RWE, Germany's largest power company, in favor of the IPO. Shares in the utility unit are expected to start trading on the New York Stock Exchange during first-quarter 2001.
