Vivendi seems to revel in the notion of being a holding company. The French group already has the bulk of its value tied up in stakes in telecoms operator SFR, pay-television operator Canal Plus and US entertainment group NBC Universal, controlled by General Electric. Now it is injecting its fully owned games business into US rival Activision in return for a controlling stake. Why?

For Vivendi, the complex deal will replace its somewhat overlooked video games publishing business with a powerful stake of between 52 per cent and 68 per cent in a group that will challenge market leader Electronic Arts. That will provide a clear market valuation for Vivendi’s business, although the $8.1bn being claimed upfront relies on a degree of circularity in the complex transaction.