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Vivendi's shares fall as concerns mount of hitches to UMG stake sale

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Vivendi's shares fall as concerns mount of hitches to UMG stake sale
FILE PHOTO: The Vivendi logo is pictured in Paris, March 10, 2016. REUTERS/Charles Platiau   -   Copyright  Charles Platiau(Reuters)
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PARIS (Reuters) – Vivendi’s shares fell on Thursday, which traders attributed to a media report of a possible hitches to its planned sale of a stake in its Universal Music Group division.

Traders cited an article in industry publication Digital Music News that said Vivendi’s UMG sale plan could be delayed into 2020.

Vivendi’s shares were down 2.8% in mid-session trading. Officials at Vivendi could not be immediately reached for comment on the report.

In May, Vivendi said the possible UMG stake sale was proceeding in line with the company’s own planned timetable, but did not give more specific details.

Vivendi plans to sell the UMG stake, which some analysts have valued at 40 billion euros (36 billion pounds), to maximise the music arm’s value and help fund purchases of other businesses.

(Reporting by Blandine Henault; Editing by Sudip Kar-Gupta)

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