Vivendi has said it does not exercise de facto control over Telecom Italia (TIM), as the fallout from its shareholding in the operator continues.
The French company issued a statement yesterday (7 August) in response to a request from Italy’s financial regulator Consob.
Vivendi, which owns 24 percent of TIM and is the company’s largest shareholder, said “all empirical data… unequivocally reveal that Vivendi is not in a position to control Telecom Italia ordinary shareholders’ meetings”.
As a result, the statement continued, “Vivendi confirms that it considers that it does not exercise any de facto control over TIM.”
Vivendi cited Article 93 of the Consolidated Law on Finance and Article 2359 of the Italian Civil Code to make its case.
The clarification follows the European Commission’s approval of Vivendi’s “acquisition of de facto control over TIM” at the end of March.
The situation has been complicated by several events since, which have peaked Consob’s interest.
In May, Vivendi added its CEO, CFO and General Counsel to TIM’s Board of Directors, meaning its representatives now outnumber those of the operator.
While the official release said it was a mutual decision, several reports surfaced that Cattaneo was leaving after a dispute with Vivendi.
All the while, Vivendi has built up the second largest stake in Italian broadcaster Mediaset.