Vivendi/Activision: transformer game

Vivendi may finally realise that its scattered assets are worth more outside the company than within. That’s one way to look at the French telecom-media conglomerate’s takeover of US video-game maker Activision. The shares-and-cash deal – Vivendi will eventually control 68% of a listed entity – values Vivendi’s own games division at a whopping E5.5bn ($8.1bn). This is about 60% more than analysts’ estimates, enough to add 5% to Vivendi’s share price. Another approach is to focus Vivendi’s enhan...