PARIS, March 14 Vivendi said on Friday
that it would enter exclusive talks to sell its SFR telecom unit
to Altice, the parent company of French cable group
The talks will last three weeks, and the board of Vivendi
will meet again at their conclusion to decide on the future of
SFR, France's second-biggest telecom operator.
"The board considers their (Numericable's) offer to be the
most pertinent for the group's shareholders and employees, and
carries lower execution risk," the company said in a statement.
Vivendi confirmed that the Numericable offer included 11.75
billion euros ($16.36 billion) in cash and a 32 percent share in
the combined listed entity.
"It also provides Vivendi with pre-determined exit
conditions," the company said.
($1 = 0.7180 Euros)
(Reporting by Leila Abboud; Editing by James Regan)