Vivendi again denies wrongdoing in TIM ownership
Vivendi has reportedly sought to assuage Italian fears over its shareholding in Telecom Italia
Telecom Italia, which operates as TIM, has once again sought to reassure the Italian government over issues around its relationship with French media firm Vivendi, according to reports.
Reuters claims Vivendi, which owns a 24% stake in TIM, has told the government they did not need to inform it of a change of ownership when it increased its stake earlier this year, amidst an investigation into the firm.
The government is seeking to find out whether Vivendi holds enough influence to be classed as owner of Telecom Italia, potentially putting national interests at risk. It had given the companies until today, 24 August, to submit a statement clarifiying its position on the matter.
Reuters, citing sources, said the firms responded on 23 August, reiterating its stance that it was not in breach of Italian ownership rules. This is despite the fact that Vivendi recently overhauled the TIM board, installing 10 of 15 directors.
Vivendi’s recent movements led the departure of Flavio Cattaneo, with a €25 million compensation agreement in his pocket, last month.
The pressure is also partially linked to Vivendi’s increased shareholding in another Italian firm Mediaset.