LONDON - Vivendi Universal has said that it is in no hurry to sell its stake in BSkyB and that it will wait until December 2002 to sell it at a minimum price of 1,200p pence a share if it has not been sold.
Vivendi CEO Jean Marie Messier said, "We do not feel that the current market price reflects the true value of BSkyB. We have no cash need, we have no debt problem, we are not in a hurry."
He added, however, that he would prefer a share swap to a straight sale of the shares.
BSkyB shares were down 7p this morning to 673p.
Vivendi must offload its stake in the broadcaster to satisfy the EU's competition concerns which arose from the inquiry into its takeover of Seagram and Canal+ last year.
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