Shareholders concerned at Vivendi’s TI move

23 Nov 2015

A group of minority shareholders in Telecom Italia (TI) have written to the telco to express concern at French firm Vivendi’s push to take four seats on the board. Bloomberg reports that the group of Italian and foreign shareholders includes APG Asset Management, Legal & General Investment Management, Standard Life Investments, and a JPMorgan Chase asset management unit. Vivendi, which now holds just over 20% of TI’s shares, wants to increase the operator’s board from 13 to 17 seats so that it can appoint four new members. The minority shareholders say the move will give Vivendi ‘greater influence than it is guaranteed by the TI stake it holds’, while they also say that the French media company has not provided clear information or the objectives of its campaign. Vivendi inherited an 8.3% stake in TI earlier this year as part of a deal to sell its Brazilian telco operations to Telefonica of Spain, and has gone on to become the Italian operator’s largest single shareholder.