Vivendi to Invite Bollore to Join Board As Co Raises Stake to 5%

By Sam Schechner

PARIS--Vivendi SA (VIV.FR) plans to invite French industrialist Vincent Bollore to join its board, the company said Tuesday, after Mr. Bollore's family group (BOL.FR) increased its stake in the media and telecommunications group above 5%, making it one of Vivendi's largest shareholders.

Mr. Bollore's stake stems largely from the sale of two French TV channels that it sold to Vivendi's pay TV arm Canal Plus in return for Vivendi shares. The spokesman said in the statement that the group, known partly for financial operations, intends to hold its stake "for the long term."

The Wall Street Journal reported in June that Mr. Bollore was likely to join Vivendi's board this fall, following the TV channel deal.

Mr. Bollore, known for turning around ailing companies, is buying into Vivendi as it undergoes a strategic review that seeks to reorient the company away from its telecommunications assets and toward media, according to people close to the deal talks.

The company is in the midst of sale processes for its telecom units in Brazil and Morocco, and it's studying offers for its French phone operator SFR, though it remains unclear whether it will seal any deals.

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