<PAGE> 1
Filed by The Seagram Company Ltd.
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
of the Securities Exchange Act of 1934
Subject Company: The Seagram Company Ltd.
Commission File No. 1-2275
and
Subject Company: Canal+ S.A.
Commission File No. 82-2270
THE FOLLOWING IS A PRESENTATION PREPARED WITH
RESPECT TO THE PROPOSED STRATEGIC BUSINESS COMBINATION AMONG
THE SEAGRAM COMPANY LTD., VIVENDI S.A. AND CANAL PLUS S.A.
ON JUNE 20, 2000
Vivendi, Seagram and
Canal+
[VIVENDI UNIVERSAL LOGO]
CREATION OF VIVENDI UNIVERSAL,
A GLOBAL MEDIA AND
COMMUNICATIONS COMPANY
[GRAPHIC] JUNE 20, 2000
<PAGE> 2
[VIVENDI UNIVERSAL LOGO] Contents
- MISSION AND STRATEGY
- AN ATTRACTIVE TRANSACTION
- THE WINNING COMBINATION
- A UNIQUE OPPORTUNITY
[GRAPHIC]
<PAGE> 3
[VIVENDI UNIVERSAL LOGO]
The first company to combine premier global and local
content with next generation digital internet
[ARROW DOWN GRAPHIC]
Vivendi Universal will meet the digital age consumers' desire
to get exactly what they want - when they want it - anywhere
they may be - more effectively than any other company.
[GRAPHIC]
<PAGE> 4
[VIVENDI UNIVERSAL LOGO] A friendly three-way merger
[FLOW CHART OF VIVENDI UNIVERSAL]
- The ideal company for the second generation of the Internet:
- The full range of premier content for the Internet revolution:
- Music: no. 1 worldwide
- Films: no. 2 worldwide
- Games: no. 1 worldwide in PC games software
- Publishing: strong positions in medical information (world no. 3)
and in education
[GRAPHIC]
<PAGE> 5
[VIVENDI UNIVERSAL LOGO] Strategic vision
- The Second Generation Internet is driven by:
- High-speed performance
- Multi-access
<TABLE>
<CAPTION>
Consumers
(in millions) 1999 2005
<S> <C> <C>
Digital TV 15 100
WAP and 3rd
generation mobile 0 300
Internet PC 140 300
Game consoles 0 45
</TABLE>
Source: research notes
- Content is driving growth on the Internet
- in particular, music is exploding on the Internet...and leading the
way
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] Vivendi Universal
- An ideal fit in terms of content
<TABLE>
<CAPTION>
VIDEO PUBLISHING MUSIC
<S> <C> <C> <C>
VIVENDI xx
CANAL + xx
UNIVERSAL xx xx
Total xx xx xx
</TABLE>
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] Vivendi Universal brands
<TABLE>
<S> <C> <C>
Theme parks Games Music
[UNIVERSAL STUDIOS LOGO] [FLIPSIDE.COM LOGO] [UNIVERSAL LOGO]
[SIERRA LOGO] [MCA LOGO]
Publishing [PHILIPS LOGO]
[DECCA LOGO]
[HAVAS LOGO] TV [DEUTSCHE GRAMMOPHON LOGO]
[HARRAP LOGO] [BROADWAY CATALOG LOGO]
[KLEIO.FR LOGO] [CANAL + LOGO]
[CANAL SATELLITE LOGO] Movies
Internet [TELEPIU LOGO]
[UNIVERSAL LOGO]
[VIZZAVI LOGO] [STUDIO CANAL LOGO]
[SCOOT LOGO]
[@VISO LOGO]
Telephony
[CEGETEL LOGO]
[SFR LOGO]
[XFERA LOGO]
</TABLE>
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] Vizzavi: the power of
combined content and
distribution
- The default home page for 80 million subscribers
- Wireless Internet access: by far the largest reach through mobile
customers
- Leverages mobile and TV subscriber bases to win the battle for the PC:
bundled Vizzavi/PC internet access offered to mobile and TV subscribers
- Content: music, movies, games, sports, news, finance, education,
health, jobs...
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] Vizzavi
<TABLE>
<CAPTION>
Portal interface : personalised services, content and
commerce (examples)
<S> <C> <C>
Personal services & Search Content
communications
- Search engine - Information
- E mail - Directories (Scoot) - News (sfractu)
- Live help services - Weather
- Address book - Business/
Commerce financial news (LaVf.com)
- Calendar - Healthcare (@Medica)
- Banking
- Unified messaging (E-Loan) - Entertainment
- Reservations (Allo.Cine) - Sports (C+)
- Forum/Chat/ - Classified ads - Movies (C+)
Instant messaging (Bonjour/Scoot) - Games (WON)
- Auctions
- Context services - Shopping (Buy.com) - Data base
- Education (Education.com)
- Dictionary
- Context content
- Location specific
</TABLE>
<TABLE>
<CAPTION>
Customer Care
<S> <C>
- Administration / personalization - Help, users guides, contact
- Billing (view my bill)
</TABLE>
[GRAPHIC]
<PAGE> 10
[VIVENDI UNIVERSAL LOGO] Universal:
the world no. 1 in music
Europe: no. 1 in pop music
<TABLE>
<S> <C>
Germany
- Rammstein
Denmark
- Aqua
Italy
- Andrea Boccelli
- Zucchero Ireland
UK - U2
- Police - The Cranberries
- Elton John - Boyzone
- Eric Clapton Spain
- Texas - Enrique Iglesias
- The Rolling Stones - Rosana
- Rod Stewart - Sergio Dalma
- The Who ... and many others
</TABLE>
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] Universal:
the world no. 1 in music
Europe: no. 1 in classical music
<TABLE>
<S> <C>
France
- Pierre Boulez Germany
- Augustin Dumay - Dietrich Fisher-Diskau
- Jean-Yves Thibaudet - Anne-Sophie Mutter
- Christophe Rousset - Herbert von Karajan
- Regine Crespin Italy
- Katia et Marielle Labeque - Cecilia Bartoli
Spain - Claudio Abado
- Placido Domingo - Ricardo Muti
- Montserrat Caballe - Luciano Pavarotti
- Jose Carreras - Renata Tebaldi
Portugal UK
- Maria Joao Pires - London symphony orchestra
Austria - English Chamber orchestra
- The Wiener Philharmonic Orchestra - Sir Georg Solti
- Alfred Brendel - Kathleen Ferrier
Sweden - Academy of St Martin in the field
- Anne-Sophie von Otter - Sir Colin Davis
... and many others
</TABLE>
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] Universal:
the world no. 1 in music
France: no. 1 in pop music
<TABLE>
<S> <C> <C>
Florent Pagny Maurice Chevalier
Mylene Farmer Nino Ferrer Eddy Mitchell
Barbara Les Freres Jacques Yves Montand
Serge Gainsbourg France Gall Jeanne Moreau
Juliette Greco Mouloudji
Jane Birkin
Claude Francois Khaled Raymond Devos
Arthur H Kojak Stephane Eicher
Daniel Balavoine Serge Lama Lara Fabian
Axel Bauer Bernard Lavilliers Faudel
Alain Bashung Maxime le Forestier Jean Ferrat
La Cliqua Michel Legrand Niagara
Coluche Enrico Macias Noir Desir
Dalida Manau Mc Solar
Leo Ferre Maurane ... and Johnny Hallyday!
</TABLE>
[GRAPHIC]
<PAGE> 13
[VIVENDI UNIVERSAL LOGO] Universal:
the world no. 1 in music
Americas: no. 1
<TABLE>
<S> <C>
- Shania Twain - Caetano Veloso
- Dr. Dre - Sisqo
- Bob Marley - Eminem
- Marvin Gaye - Hanson
- Jimi Hendrix - Bee Gees
- Sheryl Crow - Barry White
...and many others
- Jay-Z
- Bon Jovi
- Ella Fitzgerald
</TABLE>
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] Universal:
the world no. 1 in music
Well-known record labels
<TABLE>
<S> <C>
- Deutsche Grammophon - Mercury
- Decca - Motown
- GRP - Philips
- Impulse - Polydor
- MCA - Universal
- Verve - Interscope
- Island - Geffen
- Def Jam - A&M
- MCA Nashville
</TABLE>
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] Huge film and TV libraries
<TABLE>
<CAPTION>
TV SERIES FILMS
<S> <C>
- Kojak - Gladiator
- Murder she wrote - The Mummy
- Magnum P.I. - American Pie
- Columbo - Bruce Lee
- Miami Vice - Patch Adams
- Motown Live - Jurassic Park 2
- Woody Woodpecker - Erin Brockovitch
- Alfred Hitchcock Presents - Shakespeare in Love
- Schindler's List
- Notting Hill
- Four Weddings and a Funeral
</TABLE>
[GRAPHIC]
<PAGE> 16
[VIVENDI UNIVERSAL LOGO]
Vivendi Universal
[ARROW DOWN]
- A multi-content, multi-access, multi-cultural group
- A fully-integrated group to offer consumers all the benefits of
convergence and capture the value chain for shareholders
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO]
An attractive transaction
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] An attractive transaction
- Vivendi / Seagram exchange ratio
1 Seagram share = 0.7 Vivendi share
= USD 77 per share
<TABLE>
<CAPTION>
Reference Implied premium
<S> <C> <C>
Last quote USD 53 + 45%
2000 average USD 55 + 40%
</TABLE>
Premiums in line with recent US transactions
[GRAPHIC]
<PAGE> 19
[VIVENDI UNIVERSAL LOGO] An attractive transaction
- Vivendi-Seagram transaction protected by a collar mechanism
- Exchange ratio adjustment in a collar of +/- 12.5% around $110.5
(20 day average up to closing)
- Beyond +/- 12.5%, Seagram shareholders will participate in the
upside / downside
[GRAPHIC]
<PAGE> 20
[VIVENDI UNIVERSAL LOGO] An attractive transaction
- A friendly transaction with the backing of Seagram's Bronfman family
shareholders:
- The Seagram Board has recommended the transaction and has committed
to submitting it to its shareholders
- The Bronfman family, which represents about 25% of Seagram's share
capital, has committed to voting its shares in favour of the
transaction
- The Seagram Board has granted Vivendi an option to subscribe 19.9%
of Seagram's shares in case of a superior proposal that the Board
recommends
- The Bronfman family and Philips have committed to voting their
shares in favor of the transaction and not to sell their shares
(36% of the share capital)
[GRAPHIC]
<PAGE> 21
[VIVENDI UNIVERSAL LOGO] An attractive transaction
- Canal+
- At the conclusion of the transaction, the shareholders will hold:
- Vivendi Universal shares (2/1)
- shares in the new company editing the programmes of the premium
French channel (regulated activities) on a cost + fee basis
Fee = 50 m euros pre-tax
[GRAPHIC]
<PAGE> 22
[VIVENDI UNIVERSAL LOGO] An attractive transaction
- Vivendi Universal will control, via its 100% subsidiary, Canal+:
- 100% of the subscriber base in France
- activities outside France (Telepiu, Sogecable, etc.)
- CanalSatellite and all DTH platforms
- Canal+ Technologies
- StudioCanal, MTH
- And will own, in line with French regulations, 49% of the regulated
activities of Canal+ (premium channel
[GRAPHIC]
<PAGE> 23
[VIVENDI UNIVERSAL LOGO] An attractive transaction
- Timetable
June 19: Signature des traites de fusion entre Vivendi, Seagram
et Canal+
End of August: Legal documents to be sent to shareholders of Seagram,
Vivendi and Canal+
Sep.-Nov.: Extraordinary Shareholders' Meetings of all three
partners, following approval of different authorities
concerned.
- The transaction is subject to:
-- anti-trust approvals in the EU, USA and Canada
-- Canadian regulatory approval of foreign investments
[GRAPHIC]
<PAGE> 24
[VIVENDI UNIVERSAL LOGO] An attractive transaction
- USD 77 per Seagram share for a total consideration of USD 33.8 billion
- Within the range of the target prices consensus (USD 70 - 78) and the
sum-of-the-parts estimate
[ARROW DOWN]
Price reflects Seagram's stand-alone consensus value.
Synergies will fully benefit all Vivendi Universal
shareholders.
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO]
The winning combination...
The leading company for
the digital age
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] The winning combination
- Operating organization
VIVENDI UNIVERSAL
[FLOW CHART]
<TABLE>
<CAPTION>
100 % 100 % 100 % CONTROLE 100 %
<S> <C> <C> <C> <C>
Image(*) Publishing Music Telecommunications Internet
Pierre Lescure Eric Licoys Doug Morris Philippe Germond Philippe Germond
</TABLE>
(*) TV, films, theme parks
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] The winning combination
Corporate governance
- Board
- Vivendi's 14 existing directors
- 5 new directors from Seagram: 3 Bronfman family representatives and 2
independent directors
- Executives
- Jean-Marie Messier: Chairman of the Board and CEO
- Edgar Bronfman Jr: Vice chairman
- Eric Licoys and Pierre Lescure: co-COOs
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] The winning combination
- Executive Committee
- Jean-Marie Messier, Edgar Bronfman Jr, Eric Licoys, Pierre Lescure,
Philippe Germond, and Guillaume Hannezo (CFO)
- Integration Committee
- Members of the Executive Committee + 2 operating executives from each
division (total of about 20 people)
- Identify and implement all synergies: cross distribution, new marketing
initiatives, new business models, new services, new products
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO]
A unique opportunity
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] A unique opportunity
Vivendi: a consistent strategy for over 15 years, with an outstanding
track record in value creation
<TABLE>
<CAPTION>
Stages Investment Market consensus
------ ---------- ----------------
<S> <C> <C>
Canal+ (1985, 1997, 1999) 3.2 13
Havas : acquisition (1997/98), refocusing 4 10
Havas Interactive : acquisition (1999), restructuring 0.8 1.2 - 2
BSkyB : investment in 1999 2.9 9
Cegetel 0.5 24
Internet : creation of VivendiNet (100%) and Vizzavi (50%) in 2000 1 15-25
</TABLE>
[GRAPHIC]
<PAGE> 31
[VIVENDI UNIVERSAL LOGO] A unique opportunity
Music: key content
- A strong conviction : music was born for the Internet
- Today only 5% of the population buys 75% of the music sold
- The Internet opens up a whole new range of new opportunities (PC,
mobiles, interactive TV, games...)
- The Internet enables the fertilization of products Music:
photos, biographies, videos, concerts...
- The Internet enables interactivity between consumers and
artists
- The Internet enables customized offers
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] A unique opportunity
Music: key content
- On line music sales
- Decrease in inventory
- Decrease in costs
- Strong volume increase
- Predictable emergence of new music consumer models thanks to the
Internet
For example
" Subscriptions for unlimited access to an entire catalogue
(classical, rap or folk) "
" Pay per listen "
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] A unique opportunity
Music: key content
- Mobile and digital devices will drive development of new products
- Mobile telephone/ walk-man
- << home-stocking >> of music on CDs & DVDs
- For each CD bought a Vizzavi connection kit including information
on the artist is offered
- Temporary exclusivity of new singles on Vizzavi
- Cross-promoting and joint loyalty programs on the entire range of
Vivendi/Universal services/products
- European implementation of the Farm Club, a Universal Music
innovation
- Musical postcards...
- In Europe, Vizzavi will be the default home page for 80 million mobile
and interactive TV users
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] A unique opportunity
Films & entertainment
- In the short term
- Securitized access to Universal movies, for Canal+'s European
distribution network
- Commercial synergies between Universal Studios/StudioCanal's film
catalogues
- Optimization of film distribution in Europe
- Use of film/TV characters in Havas Interactive's games
- Synergies between Universal's and Havas Interactive's activities
in the game sector
- In the medium term
- Video downloading, on-line movies: a huge potential for
Canal+/Universal's n(degree)1 worldwide film catalogue
- Use of catalogue to create TV Channels
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] A unique opportunity
Exceptional synergies
- Costs : a (EURO)400m before tax p.a. target derived from economies of
scale
- Sales
- Vizzavi: Universal's attractive content will increase Vizzavi's
European penetration
- Vizzavi will distribute Universal's ancillary products/services
on the Internet: portal content and e-commerce ARPU should
increase
- Increase of Universal's European market share
- SFR and Canal+ will increase their client base and customer
loyalty
[DOWN ARROW]
Anticipated incremental EBITDA
+ (EURO)600m by 2002 and more
[GRAPHIC]
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[VIVENDI UNIVERSAL LOGO] A unique opportunity
Exceptional synergies
- Significant value creation potential, even relative to the Company
market capitalization
- Management incentives will be closely linked to this target
- A detailed synergy plan will be defined in the coming weeks and
will be implemented under the supervision of the Integration
Committee
[GRAPHIC]
<PAGE> 37
[VIVENDI UNIVERSAL LOGO] A unique opportunity
a powerful group
- Vivendi Universal post-merger
<TABLE>
<CAPTION>
2001 PF net assets
-------------------------
Eur bn %
<S> <C> <C>
- ACCESS 60 - 72 44%
- Content 40 - 48 28%
- Aggregation 20 - 25 15%
- Environmental services 11 - 12 8%
- Cash and investments at the parent company 7 - 8 5%
-------------------------
- TOTAL 138 - 165 100%
</TABLE>
Source : market consensus
[GRAPHIC]
<PAGE> 38
[VIVENDI UNIVERSAL LOGO] A unique opportunity
a strong group
- Core communications activities are debt-free and are cash generating
<TABLE>
<CAPTION>
Proforma post-merger Eur bn
------
<S> <C>
- Consolidated net debt of
Vivendi Universal Communications 2
- Debt located in businesses (4)
------
- Parent company cash + 2
+ convertibles +3.7
- Estimated net cash flow (*)
- 2001 + 0.7
- 2002 + 2.6
</TABLE>
(*) After listing of VE, Acquisition of 7.5% in Cegetel, and
disposals
[GRAPHIC]
<PAGE> 39
[VIVENDI UNIVERSAL LOGO]
CONCLUSION
[GRAPHIC]
<PAGE> 40
[VIVENDI UNIVERSAL LOGO]
The first company to combine premier global and local content with next
generation digital internet
[DOWN ARROW]
Vivendi Universal will meet the digital age consumers' desire to get exactly
what they want - when they want it - anywhere they may be - more effectively
than any other company.
[GRAPHIC]
<PAGE> 41
[VIVENDI UNIVERSAL LOGO] Safe-Harbor Statement
This presentation contains forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform
Act of 1995. These statements are based on management's current
expectations or beliefs and are subject to a number of factors and
uncertainties that could cause actual results to differ materially from
those described in the forward-looking statements. The forward-looking
statements contained in this release address the following subjects:
expected date of closing the merger; future financial and operating
results; and timing and benefits of the merger.
The following factors, among others, could cause actual results to differ
materially from those described in the forward-looking statements: the risk
that the Vivendi, Canal+'s and Seagram's businesses will not be integrated
successfully; costs related to the merger; failure of the Vivendi, Canal+
or Seagram's stockholders to approve the merger; inability to further
identify, develop and achieve success for new products, services and
technologies; increase competition and its effect on pricing, spending,
third-party relationships and revenues; inability to establish and maintain
relationships with commerce, advertising, marketing, technology, and
content providers.
Investors and security holders are urged to read the joint proxy
statement/prospectus regarding the strategic business combination
transaction referenced in the foregoing information, when it becomes
available, because it will contain important information. The joint proxy
statement/prospectus will be filed with the Securities and Exchange
Commission by Vivendi, Canal+ and Seagram. Investors and security holders
may obtain a free copy of the joint proxy statement/prospectus (when it is
available) and other documents filed by Vivendi, Canal+ and Seagram with
the Commission at the Commission's web site at www.sec.gov. The joint proxy
statement/prospectus and these other documents may also be obtained for
free from Seagram. Information regarding the participants in the proxy
solicitation and a description of their direct and indirect interests, by
security holdings or otherwise, is contained in the joint press release
relating to the transaction filed with the Commission by each of Vivendi
and Seagram, on June 20, 2000.
[GRAPHIC]
<PAGE> 42
Vivendi, Seagram and
Canal+
[VIVENDI UNIVERSAL LOGO]
Creation of Vivendi Universal, a
global media and
communications company
[GRAPHIC] June 20, 2000
<PAGE> 43
[VIVENDI UNIVERSAL LOGO]
Not a holding company.
A simple and transparent communication company.
[GRAPHIC]
