Vivendi Environnement

Since launching a €750 million bond in February last year, French utility Vivendi Environnement has been effectively locked out of the credit market. A mix of market volatility and uncertainty over what role the utility would play in the plans of French media conglomerate Vivendi Universal (VU) curbed any capital market ambitions.

Instead Vivendi Environnement (VE) was forced to resort to a €1.5 billion rights issue for funding. But last month VU halved its stake in the utility to 20.4%. “A

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