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France's Vivendi offers to buy Dailymotion - report.

MANews-(C)2009-2013

3 May 2013 a[euro]" French telecommunications and media group Vivendi SA (EPA:VIV) has made a proposal to acquire online video platform Dailymotion SA from France Telecom SA (EPA:FTE), local news website Wansquare reported today.

Furthermore, a group that includes Xavier Niel, founder of Iliad SA (EPA:ILD), as well as Matthieu Pigasse of Lazard Ltd (NYSE:LAZ) and industrialist Pierre Berge has made a separate offer. The value of this second bid, however, is significantly below what US digital media major Yahoo! Inc (NASDAQ:YHOO) had previously offered, Wansquare added.

France Telecom was eager to sell a 75% stake in Dailymotion to Yahoo!, but an objection by French industry minister Arnaud Montebourg put an end to their discussions. The minister was worried that the country would lose control over one of its best start-ups and for this reason pushed the US company to acquire just a 50% interest in the business.

According to a prior report by the Wall Street Journal, France Telecom-Orange and Yahoo! already had a non-binding deal that valued the website at USD300m (EUR229m) before the minister intervened.

Later, Les Echos quoted France Telecom CEO Stephane Richard as saying that his company was still in a search for a Dailymotion partner that would assist in expanding the business outside of Europe.Country: FranceSector: Media, IT/Online ServicesTarget: Dailymotion SABuyer: Vivendi SA, Pierre Berge, Matthieu Pigasse, Xavier NielVendor: France Telecom SAType: Corporate acquisitionStatus: Bidding, Speculation

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Publication:M & A Navigator
Date:May 3, 2013
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