Vivendi Universal CEO Jean-Rene Fourtou told company shareholders that no firm offer from potential buyers for the Universal Music has been made.

He was speaking at the company's annual general meeting yesterday. Fourtou confirmed the company is focusing on disposing of its US assets. Vivendi is seeking to dispose of 16 billion euros (over £10 billion) of assets by the end of 2004.

He confirmed the company is in talks to sell the entire Vivendi Universal Entertainment group - consisting of film and TV studios and theme parks. The company plans to focus its efforts on the telecoms sector.

Dow Jones reports that: "Fourtou left open the fate of Universal Music Group, the world's largest record company, but indicated he is leaning toward keeping the business for a few years despite the industry's piracy woes."