Vivendi will have "significant" means to reward shareholders with buy-backs or dividends after it receives the proceeds from selling its stakes in video games publisher Activision Blizzard and Maroc Telecom, its finance chief said on Thursday. Speaking at a Morgan Stanley investor conference in Barcelona, Chief Financial Officer Philippe Capron said the board had not yet decided on the exact size or form of the return to shareholders, which will come amid a broader revamp at the group as it seeks to exit telecoms to focus more on media.The board's decision will also be affected by Vivendi's plan to split into two companies next year by publicly listing its largest unit, the French mobile telecoms network operator SFR, in the middle of the year.The remaining businesses - Universal Music Group, pay-television operator Canal Plus and its Brazilian telecoms firm GVT - will be in the media-focused company, according to the plan. Some of the 10.2 billion euros to come from the sales of video games maker Activision and Maroc Telecom will go to reduce debt to permit the split of the group."In terms of the size of, if you look at the debt-carrying capacity of the two new groups ... and compare this to 7 billion euros of pro-forma debt we will have after the disposals, there is very significant headroom between the two," said Capron.
Activision, Inc. (Activision Blizzard) is a worldwide publisher of online, personal computer (PC), console, handheld, and mobile interactive entertainment products. Shares of ATVI fell by 0.35% or $-0.06/share to $17.14. In the past year, the shares have traded as low as $10.48 and as high as $18.43. On average, 7445340 shares of ATVI exchange hands on a given day and today's volume is recorded at 3594470.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 2.08% or $0.63/share to $30.90. In the past year, the shares have traded as low as $16.23 and as high as $30.78. On average, 13173400 shares of MS exchange hands on a given day and today's volume is recorded at 5361187.
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