Bouygues confirms improved offer for Vivendi's SFR
PARIS, March 13
PARIS, March 13 (Reuters) - French conglomerate Bouygues said on Thursday it had improved its offer for Vivendi's mobile unit SFR, taking the cash portion up to 11.3 billion euros ($15.7 billion)from 10.5 billion previously, and reducing the stake Vivendi is left with in the combined telecoms business to 43 percent from 46 percent previously.
Bouygues also said it was "committed to facilitate the liquidity of Vivendi's interest in the new entity." A spokesman said that meant Vivendi may be allowed to sell part of its 43 percent stake to financial investors before the business is launched on the stock market via an initial public offering (IPO).
The spokesman said Vivendi's right to sell 15 percent at IPO - as outlined in its original offer - remained intact.
Reuters had reported on Wednesday that Bouygues intended to raise its bid to gain the upper hand against rival buyer Numericable. ($1 = 0.7192 Euros) (Reporting by Gwenaelle Barzic and Andrew Callus; Editing by Natalie Huet)