VIVENDI UNIVERSAL, created from the merger between French VIVENDI, its CANAL+ subsidiary and Canadian SEAGRAM, will rank second in the communications industry after the US giant AOL/TIME WARNER. The partnership will be carried out through a share swap of 0.7 VIVENDI shares for one SEAGRAM security, that is $77 per share, making the Canadian group worth $34 billion. The operation will entail the sale of the SEAGRAM alcohol and spirits division valued at $8 billion. See EI of 19, 20 and 21 June.