Vivendi, has as expected, asked for seats on the board at Telecom Italia. It continues to move slowly but surely, increasing its influence but not – so far – seeking to overturn a proposal that will dilute its 20% shareholding.
Vivendi (EPA:VIV) has requested four seats on the board of Telecom Italia (BIT:TIT), according to a statement issues by the Italian incumbent yesterday.
The French media giant would like the seats to go to its CEO Arnaud de Puyfontaine, COO Stephane Roussel, CFO Hervé Philippe, and a consultant, Felicité Herzog.
Vivendi, which has built a stake of 20% in Telecom Italia, has also proposed that the shareholder meeting scheduled for 15 December consider upping the total number of board seats from the current 13 to 17.
Telecom Italia had called the meeting to sign off on a proposal that savings shares be converted into ordinary shares, a move that would dilute the holdings of both Vivendi and Xavier Niel’s NJJ Capital. The latter has acquired share options worth a 15% stake in the telco.
Spain’s Telefónica recently exited the shareholding of Telecom Italia, transferring a stake in that company to Vivendi as part payment for its acquisition of cableco GVT. It had previously held seats on the board and been seen as influential.