The French media-to-water conglomerate intends to take its stake in Vivendi Environment down from 63% to 40% as soon as market conditions are favourable for this share sale, a spokesman said.
This will be achieved through a sale of 15% of Vivendi Universal's holding, and by a sale of E1.5bn of new shares in Vivendi Environment.
Vivendi began life 150 years ago as the water company Compagnie Generale des Eaux. It expanded into UK public services contracting, with Onyx and other operations, during the past 15 years.
From 1998 it pursued a policy of expansion in the media and internet, eventually buying America's Universal Studios.
The downturn in these sectors saw Vivendi Universal with E17bn of debt, and it has been under pressure from shareholders to reduce this.
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