Activision Blizzard (ATVI)

And, Jean-Bernard, are you happy if you have to go forward with just 52% of the company and do you have any standstill arrangement? In other words, could you buy a bigger stake at some stage in the future if that was your intention, were it not to come your way through the buyback process?

Jean-Bernard Levy  - Vivendi - CEO

I don’t think we are too much ready to provide an answer to your first questions, Patrick, but to the second one, very easily, we do like the idea to have 68% rather than 52%. We like the company very much and we believe that a share price at $27.50 is just a first step and it will grow much more in the few years, considering the strength of this new powerhouse.

So with respect to our obligations, we have no standstill obligation. The only significant obligation that we have is that the company has limitations to distribute a dividend during its first year of operations. This will be filed in some details, but it is only for the first 12 months of the operation of the Company. This is the only limitation.

Thomas Tippl  - Activision - CFO

 And then with regards to your question on the equity expense, you can take the difference between the numbers you have so far received in the outlook that Vivendi Games provided. I think this year it’s about $80 million, the delta between the numbers we have given you an the numbers that include equity-based compensation. This is a number that is projected to go down over the years, and with regards to the tax rate, our tax rate will be representing Activision Blizzard as a standalone company.