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FCC and Vivendi create a company for their joint interest in Xfera.

02/11/2000

FCC and Vivendi create a company for their joint interest in Xfera.

Fomento de Construcciones y Contratas, S.A. (FCC) and Vivendi Telecom International have formed a joint company which will be the depository for their shareholdings in the UMTS operator Xfera.

The joint company, which will be called Vivendi-FCC Telecom, S.A., will be used by the two groups to manage their interests in Xfera in which they are the majority shareholder with an interest of 29.545% of its capital. FCC will possess one third of the shares in the new company and the remaining two thirds will be held by Vivendi.

Vivendi-FCC Telecom, S.A. will also serve as a means for the two business groups to coordinate and establish their positions in the Xfera consortium.

The creation of a joint company is one more step towards achieving the goal set by FCC's Chairman, Marcelino Oreja, when he took possession of his office last January: to situate FCC at the forefront of companies involved in new telecommunication technologies.

In addition to its participation in Xfera, the holder of one of four third generation mobile telephone licenses (UMTS), FCC participates in several Internet-related initiatives such as the Negjuice 'incubator', the B2B construction portal, in environment-related initiatives jointly with Agbar and in the recently created Segurosbroker, in which its partners include BBVA and Iberdrola, among others.