Royal Philips Electronics, the Dutch manufacturer, has turned to BNP Paribas to sell a €722m ($955m) stake in Vivendi Universal, the French media group. It is the Dutch firm's second block trade in as many weeks. The first was done by JP Morgan.

BNP Paribas has sold 32.2 million Vivendi shares through an overnight bookbuild process. Shares were offered at €22.40 each, a 0.8% discount to Wednesday's closing price.