News
French media group increases its stake in Italian telco to almost 24%.
Vivendi has added another percentage point to its Telecom Italia stake, according to a regulatory filing published this week.
The French firm now holds 23.8% of Telecom Italia, having acquired an additional 135 million ordinary shares on the open market market between 22 February and 29 February, an SEC filing made on 1 March stated.
The announcement came just days after Vivendi upped its stake to 22.8% following the purchase of 190.2 million shares.
Vivendi has been the Italian incumbent’s largest shareholder since June last year and has been gradually upping its stake in the telco in the intervening months.
It is getting close to the 25% threshold above which it would be required to table a mandatory takeover offer for the company.
However, according to an unnamed source cited by Reuters, it is unlikely it will exceed that limit.
Nonetheless, there remains speculation as to Vivendi’s motives. The company has made it clear that it is not seeking to change Telecom Italia’s strategy or pursue a full merger with the company, but with its ongoing moves to increase its holding, questions still remain.
