Vivendi Gets An Extension For Cegetel

The battle for the French wireless market continues this week with Vivendi awarded a 30-day extension to raise funds to increase its stake in telecom provider Cegetel. Vivendi has to raise $6.15 billion to match Vodafone's bid for BT and SBC's shares in Cegetel. There is a good chance that nationalism is in play and Vivendi will get the money if for no other reason than to protect French wireless honor. Personally, I think Vivendi would be better off ditching the telecom unit and focusing on remaking French movies in Hollywood. We haven't had a good French movie adaptation since Three Men and Baby.