Bronfman plays his Opus No. 2: sale of Polygram prompts Euro filmer fears.(Seagram CEO Edgar Bronfman, Jr., will spend between $10.6 and $11 billion for Polygram)(Film)

Swallowing up Polygram may help Edgar Bronfman Jr. realize his dream of establishing global music leviathan, but to many figures in the Euro film industry it represents the biggest setback since the invention of the auteur theory.

Calls are starting to grow for some sort of European rescue of Polygram's film division to prevent it from vanishing or coming under the control of yet another American company.

Michael Kuhn, CEO of Polygram Filmed Entertainment, hopes to lead a buyout if he can find a strategic partner, and Canal Plus shapes up as a prime candidate.

Other possible players include Bertelsmann, which has always been shy of direct Hollywood involvement, and Pathe, which officially scoffs at rumors but probably would support a Canal Plus move.

A key problem is placing a precise value on Polygram's film holdings, which tend to be somewhat squishy. There is a …