Vodafone, owner of Eircell, is discussing giving its stake in French telecoms operator Cegetel to Vivendi Universal in exchange for an increased holding in mobile operator SFR.

The plan would allow Vivendi to take control of Cegetel, untangle a complex shareholding structure and help Vodafone move towards its long-term objective of owning majority stakes in its subsidiaries. Vivendi currently owns 44 per cent of Cegetel through a combination of direct and indirect stakes, while Vodafone owns 15 per cent of Cegetel.