French media giant Vivendi is struggling to define itself despite solid revenue in its core business. Chief executive Jean-Bernard Lévy is focusing on making new acquisitions rather than finding synergies between current subsidiaries, prompting some to ask whether Vivendi's component companies would be better off on their own. "Operationally they have done well," says one analyst. "But there is not really a satisfactory answer as to why they need a holding company."
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