228 / 348
4
Financial Report | Statutory Auditors’ Report on the Consolidated Financial Statements |
Consolidated
Financial Statements
| Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
Note 3. Discontinued operations
3.4. Sale of Activision Blizzard shares
In accordance with the agreements entered into on October 11, 2013, the
83 million Activision Blizzard shares retained by Vivendi were subject to
a two-tiered lock-up provision:
p
p
from October 11, 2013 until April 9, 2014, Vivendi cannot sell,
transfer, hedge or otherwise dispose of any Activision Blizzard shares
directly or indirectly; from April 10, until July 9, 2014, Vivendi can sell
Activision Blizzard shares provided they constitute no more than the
lesser of (i) 50% of Vivendi’s 83 million remaining shares and (ii) 9%
of the outstanding shares of Activision Blizzard; and
p
p
from July 10, 2014 until January 7, 2015, Vivendi was subject to
another lock-up provision; as from January 7, 2015, Vivendi may sell
its remaining Activision Blizzard shares without restriction.
Considering the initial intention of Vivendi Management to sell these
shares at the end of the lock-up periods if market conditions were
favorable, the 83 million Activision Blizzard shares were classified as
“Assets held for sale”.
On May 22, 2014, Vivendi sold a first tranche of 41.5 million Activision
Blizzard shares for $852 million (€623 million). The €84 million capital
gain is presented in “Earnings from discontinued operations”. Taking into
account the capital gain of €123 million recorded in 2013, the capital gain
realized by Vivendi with respect to this first tranche of Activision Blizzard
shares amounted to €207 million.
As of December 31, 2014, the remaining interest of 41.5 million Activision
Blizzard shares, valued at $836 million (€689 million) was reclassified in
“available-for-sale securities” as Vivendi Management has decided not
to sell this interest in the immediate future. As of December 31, 2014,
the unrealized capital gain with respect to this interest amounted to
€273 million (before taxes), directly recognized in equity.
228
Annual Report 2014