Vivendi’s deal with Activision Inc values the French media company’s own video games division at twice as high as many market estimates, but is unlikely to end speculation over a possible break-up of the conglomerate, analysts said on Monday.

Vivendi’s conglomerate-like structure has in the past led to speculation of a possible break up of the company, which also owns Universal Music, the world’s biggest record label, and a minority stake in General Electric Co’s NBC Universal.

Analysts said the Activision deal, while strategically a good fit, could further cement the discount placed on the Vivendi group’s total value.

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