Vivendi has asked to appoint four directors to the Telecom Italia board, suggesting that it is seeking greater control over the telco’s strategy.
Telecom Italia said it received a request from Vivendi on Sunday to add its proposal to the agenda of the operator’s next shareholder meeting on 15 December.
Specifically, Vivendi is proposing "the appointment of four directors, with prior redefinition of the number of members of the board of directors from 13 to 17," Telecom Italia said.
As it stands, Telecom Italia’s 13-member board, headed by chairman Giuseppe Recchi and chief executive Marco Patuano, mainly comprises directors put forward by the Telco consortium, its former majority shareholder.
Telecom It alia’s directors will meet in the coming days to discuss Vivendi’s proposal, the operator said.
Vivendi holds 20.03% of Telecom Italia, a stake it has built up since acquiring 14.9% of the company as part of the sale of its GVT business in Brazil to Telefonica earlier this year.
The French media firm, which looked to be seeking an exit from the telecoms space, surprised many with its insistence that it intends to be a long-term shareholder in Telecom Italia. It has also repeatedly stated that it intends to develop its activities in Southern Europe, something that could involve the Italian telco.
Telecom Italia’s shareholder structure made the news last month when it emerged that French businessman Xavier Niel has built up long positions in the company amounting to a potential stake of 15.2%.
There was talk of potential collusion between Niel and Vivendi, which is chaired by another French entrepreneur in Vincent Bolloré; together the two hold more than 35% of Telecom Italia, well above the 25% threshold at which a mandatory takeover offer would be triggered. However, Niel denied that he is working in partnership with any other outfit in a statement to Italian stock market regulator Consob earlier this month.
