And eventually, a telephone operator -- a telegraph operator sent out a simple message to the cheers of a waiting nation.

WHITEHOUSE: President Obama on the National Wireless Initiative

That has limited its ability to finance further investment in its most valuable assets, such as Cegetel, France's second-largest telephone operator, of which Vivendi owns 44% and Mannesmann 15%.

ECONOMIST: Vodafone/Vivendi/Mannesmann