Vivendi rejects call to spin off Universal Music
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New York
VIVENDI SA rejected a call by an activist investor to spin off its music business and said it will examine a proposal for higher dividend.
The company rebuffed a December suggestion by New York-based hedge fund P Schoenfeld Asset Management LP for Vivendi to spin off its Universal Music Group unit, Paris-based Vivendi said on Monday. UMG is the world's largest music company with annual sales of about 4.6 billion euros (S$6.89 billion).
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