Vivendi (EPA:VIV) is happy with its current 14.9% stake in Telecom Italia (BIT:TIT) but could still raise it further, CEO Arnaud de Puyfontaine told journalists today.
The executive was in Rome for a meeting with Italian economic development minister…
Vivendi (EPA:VIV) is happy with its current 14.9% stake in Telecom Italia (BIT:TIT) but could still raise it further, CEO Arnaud de Puyfontaine told journalists today.
The executive was in Rome for a meeting with Italian economic development minister Federica Guidi, reportedly to discuss the government’s €12bn high-speed broadband plan, which will be financed with a mix of private and public funds.
“We are happy, but [as] the saying goes, never say never,” he was cited saying.
Vivendi is now the Italian operator’s largest shareholder, having acquired an 8.24% stake from Telefonica and spending over €1bn on another 6.6% stake. JP Morgan last week became the second largest shareholder, having receiving a nearly 7% stake from Telefonica, as part of a previous bond deal.
He was also cited saying that Vivendi had not yet formally requested any board representation. Reuters reported today that current board member Tarak Ben Ammar would remain, switching his representation from Mediobanca – which last week sold its 1.6% stake on the market – to Vivendi. A Tunisian film investor, Ben Ammar has also advised Vivendi chairman Vincent Bollore.
A spokesperson for Telecom Italia said any board appointments were the decision of Vivendi.
De Puyfontaine also said his company had no current plans for a tie-up with broadcaster Mediaset (BIT:MS).
Analysts believe the French media group, which has recently divested its telecoms businesses to focus on media and content, aims to turn TI into a content distribution platform for its subsidiaries Universal Music Group and French pay-television operator Canal Plus.
