Hedge-fund billionaire William Ackman's special purpose acquisition company (SPAC) is in talks with Vivendi to buy a 10% stake in Universal Music Group, the French media conglomerate said in a statement on Friday. Vivendi said it had entered discussions with Ackman's Pershing Square Tontine Holdings and that the potential deal would give Universal Music an enterprise value of €35 billion ($42.4 billion). The French company plans to distribute 60% of Universal Music's share capital and list the company in Amsterdam, subject to shareholder approval next month.