­French conglomerate, Vivendi is reported to be looking at a sale of a controlling stake in its Moroccan subsidiaries which could raise up to EUR4 billion for the indebted company.

Citing people with knowledge of the plans, the Financial Times said that Vivendi has begun negotiations with bankers to assess a possible sale of its 53 percent stake in Maroc Telecom.

Vivendi has been known to be considering its options after its former Chairman, Jean-Bernard Levy was ousted from the company earlier this year in a dispute over the future direction for the conglomerate.

The company is also hampered by the high price it paid to buy Vodafone's 45% stake in their French mobile network, SFR - just before a price war radically reduced its profitability.

There have been reports that Vivendi may even consider a sale of SFR - which would be a radical break with Jean-Bernard Levy's regime after he spent nearly a decade trying to take control of the company. Likely buyers include private equity groups, and possibly Vodafone, who can expect to buy back the company for less than it sold it last year.