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AOL, Vivendi restructure French pact

French media giant Vivendi Universal and AOL Time Warner's America Online division have restructured their business relationship in Europe. Vivendi Universal will exchange its stake in its AOL France joint venture for shares in AOL Europe, which will open the door for the companies to distribute and market each others' products. Vivendi Universal's Cegetel and Canal+ divisions will exchange their 55 percent stake in AOL France for $725 million in preferred shares in AOL Europe. The shares will pay a 6 percent dividend, whereupon AOL Europe will redeem them in April 2003 with cash, AOL Europe stock AOL Time Warner stock.

French media giant Vivendi Universal and AOL Time Warner's America Online division have restructured their business relationship in Europe. Vivendi Universal will exchange its stake in its AOL France joint venture for shares in AOL Europe, which will open the door for the companies to distribute and market each others' products.

Vivendi Universal's Cegetel and Canal+ divisions will exchange their 55 percent stake in AOL France for $725 million in preferred shares in AOL Europe. The shares will pay a 6 percent dividend, whereupon AOL Europe will redeem them in April 2003 with cash, AOL Europe stock AOL Time Warner stock.