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"This sale reflects my family's desire to diversify our investment portfolio after the creation of Vivendi Universal last year."
——Vivendi Executive Vice Chairman Edgar Bronfman Jr.
Wednesday, May 30, 2001

VIVENDI BUYS SHARES IN COMPANY

Bronfman Family Sells One-Third Of Its Stake, Half Of Its Potatoes, All Of Its Creamed Corn
Vivendi Universal announced on Tuesday (5/29) that it has bought about one-third of the Bronfman family’s stake and related interests in the company for 1.27 billion euros ($1.09 billion).

"This sale reflects my family's desire to diversify our investment portfolio after the creation of Vivendi Universal last year," Vivendi Executive Vice Chairman Edgar Bronfman Jr.—or Lil’ Eddie, as he’s known to the family—said in a statement.

The stock purchase represented about 1.5% of the company's 1.11 billion shares outstanding, as of May 29. The company said it paid an average of 75.1 euros for the 15.4 million shares from entities related to the Edgar M. Bronfman family and 1.5 million shares from a charity related to the Charles Bronfman family. The Bronfmans are now expected to use the money to treat Vivendi to a nice French dinner.

The Bronfman family interests will retain 33 million Vivendi shares, which means that the Bronfman family and related entities retain its status as the largest shareholder in the company and the title of WWF Intercontinental Champion.

Lil’ Eddie said that the family has no plans for further sales, and if we ever called him "Lil’ Eddie" again, he’d pay someone to kick our asses.

 
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