NEW YORK (AFX) - French media and telecommunications company Vivendi on Monday said it will not bid for the 54 percent stake in directory business PagesJaunes offered by France Telecom.
The company said it was not interested because of the high price of the offering.
'We examined the acquisition of PagesJaunes with great attention and interest,' Vivendi chairman Jean-Bernard Levy said in a statement. 'PagesJaunes is a high-quality media business benefiting from solid growth trends and a strong Internet presence. However, primarily due to price considerations, we will not participate in the bid for the acquisition of PagesJaunes in the best interests of our shareholders.'
American Depositary shares of Vivendi closed 13 cents lower at $32.27 on the New York Stock Exchange.
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