Breakingviews - Bolloré Jr. readies Vivendi for asset purge

Vivendi CEO Arnaud de Puyfontaine reiterated his company’s official line that offers from private equity firm KKR

and state investor Cassa Depositi e Prestiti to acquire Telecom Italia’s fixed-line network were too low. But the markdown gives Yannick more latitude to end his father’s ill-fated Italian foray while continuing to play hardball to raise the price tag. Vivendi also took a 300 million euros goodwill impairment on its book division Editis, which it has pledged to sell to win EU antitrust approval for the acquisition of Lagardère Publishing - the world’s third-largest publisher. Here again, the move will give Bolloré junior more freedom to consider offers from potential buyers, which the European Commission will have to approve.

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