Messier makes a pitch to remain on VU boards
August 23, 2002 - The Hollywood Reporter
After two months away from the spotlight, former Vivendi Universal president Jean-Marie Messier returned to the public eye Thursday, saying he wants to continue in his four board positions within the company.
In a high-profile cover story in the latest Paris Match magazine, Messier revealed plans to carry on as president of the advisory board at water giant Vivendi Environnement as well as keep his seats on the board of Groupe Canal Plus, Cégetel, and Seagram. All four are key VU holdings.
Vivendi Universal declined comment.
Most important in the short term, Messier will be presiding at a Sept. 23 VE board meeting, which will be awkward at best for VU.
Industry sources suggested that the chances of Messier staying in power at these boards are slim. He could be removed from his VE presidency at next month’s board meeting but could not be voted off any advisory board until a shareholder meeting.
Messier, who could not be reached for comment, is also a board member at such other French powerhouses as BNP Paribas bank and LVMH.
Messier’s news comes on a day when the value of VU’s assets was estimated above the value of the company’s debt. Deutsche Bank, who recently advised investors against buying VU stock, came in the lowest, estimating the company’s worth at €38.1 million ($36.9 million). JP Morgan and Merrill Lynch said €56.3 million ($54.6 million) and €55.8 million ($54.1 million), respectively.
In Paris, investors seemed confident in this news as VU stock ended the day up 3.15% at €13.41 ($13).
