October 18, 2019 / 7:18 AM / a month ago

Vivendi shares rise as UMG stake sale attracts interest

PARIS, Oct 18 (Reuters) - Vivendi’s shares rose on Friday after the French media conglomerate posted higher third-quarter revenue and said the potential sale of a stake in its Universal Music Group (UMG) unit was attracting good interest from buyers.

Vivendi shares were up 2.7% in early trading, the best-performing stock on France’s benchmark CAC-40 index which was down by 0.5%.

“Group trading continues to track well, but we view the major catalyst for share price upside in the short term to be further sell down of UMG,” wrote brokerage Liberum, which kept a “buy” rating on Vivendi shares. (Reporting by Sudip Kar-Gupta; Editing by Mark Potter)

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