The French VU - VIVENDI UNIVERSAL media group has begun exclusive negotiations with the Anglo-Saxon consortium of US investment funds THOMAS H. LEE PARTNERS, BLACKSTONE GROUP and BAIN CAPITAL, as well as the Anglo-US APAX PARTNERS in view of selling its American publishing company HOUGHTON MIFFLIN for USD 1.75 billion, including its bad loans. British firm, VODAFONE has made a new offer for the acquisition of 44% of CEGETEL held by VU. VODAFONE made an offer in the middle of October, which expired at the end of last month. The offer of EUR 6.77 billion was judged to be too low by VU but has not changed. The British have indicated that negotiations are still possible.