Vivendi Universal will sell its stake in AOL France back to AOL Time Warner for $700 million, according to press reports.
Sources say the transaction awaits approval from shareholders of Vivendi's Cegetel telecom unit, which owns part of the stake. Vivendi Universal decided to sell its 55% stake in AOL France last year when talks to trade it for a piece of AOL Europe fell apart.
The sale is expected to take place within the next several days.
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