Vivendi has submitted an open letter to New York-based minority shareholder, P. Schoenfield Asset Management (PSAM), in response to its calls for the company to sell Universal Music Group and pay out $9 billion in dividends to shareholders this year.

PSAM holds 0.8% of Vivendi’s total shares and has been encouraging other shareholders to vote for the pay-out of dividends at the company’s annual meeting. PSAM argues that a payout would reward investors following the sale of assets worth €35 ...