At least four private equity firms are thought to have dropped out of the €7bn ($8.9bn) race to buy a majority stake in PagesJaunes, the telephone directories business, according to sources close to the deal. Trade buyer Vivendi Universal has also exited the auction.

Late yesterday Vivendi said it had dropped out of the bidding for the 54% stake in PagesJaunes in a decision "motivated essentially by the high price of the offering".