data already passes to 69 on the backbone House

Cap on Latin America. A month and a half after making a cross on the redemption of the African assets of the mobile operator Zain Kuwait, which has also just to pass under the cup of a Malaysian group, Vivendi turns now to the Brazil. The French group will launch a friendly takeover bid on the specialized telecom Govt. Holding, in fixed telephony operator and the Internet, for an amount that values the company at 2 billion euros. The concomitant of this operation with the coup de theatre of the sale of the Rafale in Rio is perfectly casual... However, this sudden offensive of Vivendi in a supposed very promising emerging countries has all of thumbing its nose at France Telecom, coming instead to strengthen on a British market motive rather saturated ("Les Echos" of yesterday).

The founding shareholders of Govt. groups Swarth, Global Village Telecom, have pledged to give 20 of the capital (of the 30 that they own) from time to time. To take possession of the company listed on São Paulo, Vivendi still needs the approval of the Board of Directors, of the General Assembly and the Brazilian body of market regulation of here to 16 October. The minority may kick in stretchers, that will have to withdraw from the Statute the poison pill that requires any acquirer to offer at least 25 more than the higher course of the past year, namely 47,49 reals. Vivendi is indeed understood with the founders on a price of 42 reals per share representing 9 times Ebitda for 2009. Adjusted Ebitda amounted to 112 million CDN in the first half.

An operation "coherent."

"This operation is perfectly consistent with our strategy of acquisitions in emerging countries in seizing the opportunities at a reasonable price," said Jean-Bernard Lévy, the Chairman of the Board of Vivendi. The funding will not be a problem. "We learn on our existing lines, our capabilities are very superior to the needs," welcomed. With TVG, Vivendi hunting on new land - the famous block of the BRICs (Brazil, Russia, India and China). "We want to go further in countries where the economy is growing more quickly." The Brazil is a great country that has very high quality with the France relations. TVG has a beautiful way to travel; "he knows a very strong growth in one of the strongest economies among all the BRIC countries," explained yesterday an enthusiastic Jean-Bernard Lévy at the "echoes".

Absent from Latin America in the Telecom, Vivendi is established in Africa, where there are about 20 million customers with Morocco Telecom, now Morocco, in Mauritania, Burkina Faso, Gabon, Mali, compared to the 24 million customers telecoms group in France.

The only incursions in the BRICs are branches video games (World of Warcraft is very popular in China), music (UMG) and pay-TV (CanalSat). With TVG, Vivendi development on an emerging market, but on a different economic model also. Brazilian alternative operator is a bit like Free in France: its prices are attractive, because it built its own network rather than rent the lines of the incumbent operator. Traffic voice and govt. data already passes to 69 on the "backbone" House.

Promise of margin

A true reason for satisfaction for Jean-Bernard Lévy, aware of the margin that he has lost with France Telecom: "while in France we rent a non-rational price lines, Govt. did not need to unbundle and is not another network architecture." It can therefore go closer to housing and increase throughput. "Some of the residential customer 700,000 of Govt. already benefit from a 10 Mbps connection and broadband grows more than 30 per year. Online focus for Vivendi, also pay television operator, the launch of a service "triple play" (telephone, Internet, television). Even a promise of margin, hopes the group, not leave its shareholders not insensitive.