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Vivendi Bids for Video Site Dailymotion as PCCW Drops Out

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Vivendi SA offered to buy YouTube’s smaller rival Dailymotion from Orange SA while another bidder, Hong Kong-based PCCW Ltd., said it dropped out because France prefers a European purchaser for the video service.

Television and music company Vivendi, based in Paris, confirmed the proposal in a statement Tuesday, without giving details. The offer will be discussed at an Orange board meeting today, Le Monde reported earlier, without citing anyone. Vivendi may pay more than 250 million euros ($273 million), Figaro reported, also without saying how it got the information.