Universal eyes bidder as buyout firms balk

LOS ANGELES: Vivendi SA is targeting strategic buyers for a stake in Universal Music Group as some private equity investors balk at the high price and slow pace of the deal, according to people familiar with the matter.

The French company has floated a partial sale or an initial public offering of Universal for years and said in July it would try to sell as much as 50% of the world’s largest record group. Yet Vivendi still hasn’t formally hired advisers after multiple pitches, and several financial investors have lost interest, said the people, who asked not to be identified discussing private deliberations.