When France’s Vivendi began flirting with the idea of buying Activision, the US video games group, €1 was worth about $1.30, says Jean-Bernard Lévy, Vivendi’s chief executive. That was in January.

On Sunday, when Vivendi revealed a deal to take control of the maker of the Call of Duty war game, €1 was worth $1.47. Although Activision was targeted for strategic reasons, Mr Lévy says that the strengthening of the euro was a bonus. “It helps,” he says. Vivendi is not alone.