Vivendi announced the disposal of the majority of its 61% stake in Activsion Blizzard. The share price response to the announcement was somewhat underwhelming however, over the month the shares have risen by over 10% making it the largest contributor to performance. The key message from this disposal is that the transformation of the company is now underway. We can expect further details about the sale of the stake in Maroc Telecom in due course, and this should be a further indication that the company is moving away from the conglomerate model of the past and moving towards a more focused and shareholder friendly group.
British Empire Securities and General Trust p.l.c is referred to as ‘British Empire’ throughout the website. British Empire’s investment managers, Asset Value Investors are referred to as ‘AVI’