Milan — France’s Vivendi will drop its authorized problem towards the sale of Telecom Italia’s fixed-line community as a part of a deal to promote most of its stake within the telecom group to Italy’s Poste, sources say.
On Saturday Vivendi agreed to drastically lower its stake in TIM, promoting most of it to state-backed monetary conglomerate and former postal monopoly Poste Italiane, which might turn out to be TIM’s single largest investor with a 24.8% holding.
As a part of the settlement with Poste, Paris-listed Vivendi will drop a authorized problem towards TIM’s choice to promote its fixed-line community when the €684m stake deal is accomplished within the first half of this yr, the sources stated.
The sale of the community, price as much as €22bn, to a consortium led by US fund KKR was accomplished in July 2024 with the backing of Italy’s authorities.
Whereas stabilising TIM’s funds, the grid sale strained relations between TIM and its high investor Vivendi, which subsequently determined to divest its 24% holding.
Vivendi turned to a Milan court docket in December 2023 to problem the TIM board’s choice to promote the grid, saying it ought to have been put to a shareholder vote.
In January 2023 Vivendi, which is managed by French billionaire Vincent Bollore, withdrew its consultant from TIM’s board, distancing itself from TIM’s technique centred on the sale of the previous telephone monopoly community property.
With a remaining 2.5% stake in TIM, Vivendi has no plan to play any lively function in TIM at current, a supply near Vivendi informed Reuters.
Poste Italiane and Telecom Italia declined to remark.
Earlier this yr, the Milan court docket dominated that Vivendi didn’t have grounds to pursue authorized motion, saying it had didn’t train its proper to name a shareholder assembly. Vivendi appealed towards the rejection of its declare final month.
Reuters
