2000 expected to see total revs of $16.8 bil

PARIS — Vivendi head Jean-Marie Messier said he has no intention of selling off shares in subsidiary Vivendi Environnement.

“If a major strategic opportunity arises, and if selling stock would allow Vivendi Environnement to strengthen its position, then Vivendi would do everything to allow such an operation to take place, and would accept diluting its share in the subsidiary,” Messier said at the first Vivendi Environnement shareholders general assembly.

Vivendi Environnement chair Henri Proglio reported that the subsidiary generated revenue of 12.5 billion euros ($10.5 billion) for the six-month period ended June 30. He predicted that the whole of 2000 would see total revs of $16.8 billion.

The group is aiming for a global growth rate in revenue of 25%.

Vivendi Environnement’s stock price has increased by 33% since first quoted three months ago.

According to French daily Les Echos, the Vivendi empire has come to depend on its subsidiary. “Vivendi Environnement represented only one sixth of Vivendi’s total value, but now accounts for one third of its worth,” the paper reported.

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