Vivendi to Sell Stake in Philadelphia Suburban

Philadelphia Suburban Corp., the second-largest investor-owned water utility in the U.S., said Vivendi Environnement plans to sell its 17% stake in the company.

Vivendi Environnement’s U.S. Filter unit, its largest U.S. subsidiary, will continue to do business with PSC, Philadelphia Suburban said in a statement released by Business Wire. Vivendi Environnement is majority-owned by France’s Vivendi Universal.

Philadelphia Suburban directors accepted the resignation late Friday of Andrew D. Seidel, president of U.S. Filter Corp., from its board, the company said.

PSC President Nicholas DeBenedictis said the board will meet this week to review steps for an orderly transition.