Marco Patuano has reiterated that Telecom Italia’s two French investors are not acting together, adding that he expects Vivendi to request a seat on the board.
Telecom Italia (BIT:TIT) CEO Marco Patuano has been cited saying he met with Xavier Niel to discuss strategy and the Italian market, as reported. The Franco-Israeli telecoms investor has acquired share options for 15% of the Italian incumbent through NJJ Holding.
Patuano told Reuters that Niel, who founded French challenger Iliad, had assured him he was not acting in concert with Vivendi chairman Vincent Bolloré. The French media giant has built up a stake of 20% in Telecom Italia.
Patuano added that Vivendi was yet to request seats on the board, but that he would not be surprised if he were to do so in time for a 15 November deadline.
Spain’s Telefónica recently exited the shareholding of Telecom Italia, where it had held seats on the board and was seen as influential.
The Italian press has suggested Vivendi will ask Telecom Italia to up its number of board seats from 13 to 16.
Last week the operator proposed a share conversion that would dilute the shareholding of both Vivendi and Niel.
