Vivendi: roll up for the firesale

With E18 billion in debt, Vivendi will have to divest some of its assets. The water business would be a good source of funds - but the French government will insist on a French buyer, and there are few likely candidates. Vivendi may instead be forced to sell its US-based media businesses, returning the company to how it looked six years ago.

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Vivendi: life gets messier

Le Monde claims that Vivendi Universal tried to inflate its 2001 net profit by E1.5 billion, through treating the sale of its BSkyB stake improperly. Meanwhile, credit agency Moody's has cut Vivendi's bonds to junk status, and CEO Jean-Marie Messier has resigned. Although French national pride will make a breakup hard, Vivendi cannot survive in its current form.

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Vivendi: growth driven by utilities, not media

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Vivendi Universal: to sell or not to sell

According to the French press, Vivendi's CEO is considering reducing his company's stake in Vivendi Environnement. This is a reversal of his view a month ago that selling the share was "not on the agenda". The move would re-orientate the group while also cutting its excessive debts. However, Vivendi will need to convince politicians it is a good idea.

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Vivendi Universal: between a rock and hard place

Vivendi Universal, the French media and utility group, is going through its biggest crisis ever. It needs to reduce its debt exposure and raise cash to survive, but it must comply with political pressure not to sell its environmental arm to a foreign entity, casting serious doubt over Vivendi's hope of raising much cash.

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Vivendi Environnement: fed and watered

The write-off is nowhere near as bad as it looks: Vivendi had to book the non-cash charge in preparation for a shift to new US accounting standards. The French utilities group's operating figures, meanwhile, look good - growth is up, particularly in deals with private sector firms. Vivendi looks poised to win still more services contracts in 2002.

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Utility direct debit payment: mixed uptake in Europe

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Utilities: the online payer is a rarity, even in Sweden

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Utilities: consumers will use Internet for discount

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Utilities: 25% would consider buying phone services from utility

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