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Stock Analyst Update

The Devil Is in the Details for Seagram Investors

Company's shares sink along with those of French merger partners.

As more details about the merger between Vivendi (VVDIY), Canal Plus (CNPLY), and Seagram (VO) became available Tuesday, investors aggressively sold shares of all three. The stocks will continue to languish until investors get a more detailed financial overview of the combined firm.

The newly named Vivendi Universal--Seagram owns Universal Studios--expects its Vizzavi cellular Internet portal to be the greatest source of revenue and cash-flow growth from the merger, but only limited financial details regarding this unit have been disclosed.