Vivendi eyes bidders in entertainment sell-off
Paris: Media giant Vivendi Universal said on Tuesday it was hurrying along the auction of its US entertainment empire and had singled out six potential buyers for its US movie, television and games assets. Vivendi, the world's second biggest media group, said it was close to collecting bids for its entertainment assets, which include Universal Studios, but hedged its bets by keeping the door open to an initial public offering as an alternative. "Bids will be collected on June 23. We are not wasting any time and proceeding speedily," Vivendi Chief Financial Officer Jacques Espinasse told an analyst presentation in Paris. "Some investors are interested in the whole thing including music, and some are only interested in VUE (Vivendi Universal Entertainment) or part of VUE. Some are interested only in games". Brought to its knees last year by huge debts inherited after its transformation from a water utility to a media firm, Vivendi is selling the assets to reduce debts that still equate to one per cent of France's GDP.
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China to export steam turbines to India
Beijing: China has clinched its biggest deal to export steam turbines to India, the state media reported on Tuesday.Under the deal, China will export four steam turbines to India for use in the power station of an aluminium company, Xinhua news agency reported from Chengdu, capital of southwest China's Sichuan province.The name of the Indian company was not provided.The turbines, each for a generator with a capacity of 135,000 kilowatts, are to be manufactured by the Oriental Turbine Factory in Deyang city in Sichuan.The products will be delivered between July 2004 and March 2005, according to the contract recently signed between the two companies, the report said. It is the largest deal of this kind between the two nations, official sources said.
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Saab signs $1bn deal with Airbus
Stockholm: Swedish aerospace and defence equipment group Saab AB said on Tuesday it had signed a $1bn agreement with European plane maker Airbus, sending Saab shares more than 5% higher. The deal is to supply the mid and outer fixed leading edge on the wing of the new Airbus A380, which will be the world’s biggest passenger aircraft with a capacity for 555 passengers.
“The agreement covers development and production of the fixed leading edge and Saab is a risk sharing partner in the A380 programme,” Saab said. The contract is worth $1bn over the next 20 years, the company added. Officials at Saab, which is different from car-maker General Motors Corp’s Saab division, were not immediately available to elaborate on the deal.
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