Vivendi Trims Unit’s Stock Offering

French utilities-to-media conglomerate Vivendi said Monday that it has reduced the initial public offering of its water and waste management unit due to “market circumstances” as well as massive demand for shares from holders of the company’s convertible bonds.

Vivendi will offer $2.9 billion instead of $3.3 billion, and pricing will be delayed one day to July 12.

In June, Vivendi announced it planned to raise $3.3 billion to $3.8 billion via a global offering to be priced at $34 to $39 per share.

Shares of the parent company slipped slightly on the news to close at $86 on the Paris stock exchange.