A mega-deal for SFR would still leave Vivendi looking for a raison d’être. Investors have applauded Vivendi’s moves to reduce its conglomerate status. The latest is a possible €15-billion ($22.8-billion) sale of SFR, French group’s domestic mobile business. But even a deal of this size would leave the transformation incomplete. Vivendi would continue to sit on disparate music, television, and Brazilian broadband assets that do not add up to a coherent group.