Vivendi shares drop after GVT sale falls through

Shares in the French media group Vivendi fell by almost three percent on Friday after the US satellite television operator DirectTV said it was no longer interested in buying Vivendi's Brazilian telecommunications unit GVT. In morning trading on the Paris stock exchange, Vivendi shares showed a loss of 2.94 percent to 16.16 euros, while the CAC 40 index on which they are listed was off by 0.47 percent overall. DirectTV was the only bidder interested in buying GVT, and Vivendi has now suspended its sales, a source close to the deal told AFP. "It's a tough blow for Vivendi because it's a change of strategy that was imposed and absolutely not wanted," a Paris stock analyst commented. "The question that worries investors in particular is that of GVT's precise value," the analyst added.