PARIS (Reuters) - Vivendi said on Friday that it would enter exclusive talks to sell its SFR telecom unit to Altice , the parent company of French cable group Numericable .
The talks will last three weeks, and the board of VIVENDI (VIV.PA)will meet again at their conclusion to decide on the future of SFR, France's second-biggest telecom operator.
"The board considers their (Numericable's) offer to be the most pertinent for the group's shareholders and employees, and carries lower execution risk," the company said in a statement.
Vivendi confirmed that the Numericable offer included 11.75 billion euros ($16.36 billion) in cash and a 32 percent share in the combined listed entity.
"It also provides Vivendi with pre-determined exit conditions," the company said.
($1 = 0.7180 Euros)
(Reporting by Leila Abboud; Editing by James Regan)
