Given that it has its own management team, an obvious strategy for Mr Messier would be to float Vivendi Environnement, using the proceeds to reduce its debt.

ECONOMIST: Vodafone/Vivendi/Mannesmann

But Vivendi Environnement has troubles of its own.

ECONOMIST: Vivendi Universal

The share dealings indicate an urgent need to raise cash, an observation supported by the fact that, just before the end of last year, Vivendi abruptly sold 9% of its stake in Vivendi Environnement, bringing in euro1.2 billion.

ECONOMIST: Vivendi Universal