Vivendi Universal break-up mooted as Messier goes

PARIS - Media giant Vivendi Universal could be broken up after CEO Jean-Marie Messier finally agreed to resign from the troubled company after losing the support of his board.

In an interview with Le Figaro, Messier said that he feared the company would now be broken up, after he agreed to leave yesterday afternoon.

Messier said: "It is my greatest wish that the board and the various relevant authorities don't break up what's been built." He also said he had secured a guarantee that the next CEO of the company would also be French.

Jean-Rene Fourtou, deputy chairman of Aventis, has been tipped as the likely successor.

Vivendi started life as a utilities company, but now has massive media interests, including Universal Studios and European cable network Canal+, as well as interests in telecommunications.

Trading in the company's shares were halted this morning, after Moody's cut its debt rating to junk status. The share price rose yesterday on the news Messier was leaving, but fell again this morning by more than 10%.

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