Trying to do telecoms deals in emerging markets is like haggling for bargains in a souk: it is harried and confusing and no one can agree a price. Sometimes you end up paying more for an item than you would have back home. Investors have to wonder why Vivendi is willing to go through such an experience.

The French media and entertainment group is in talks to buy a controlling stake in the African mobile phone businesses of Zain – Kuwait’s biggest telephone company – which are valued at about $11bn.