An Italian court has suspended a EUR74.3 million (USD88 million) fine which was imposed on Telecom Italia (TIM) for failing to notify authorities that French firm Vivendi had taken de facto control of the telco. A report from Reuters says the court will give the reasons behind its decision at a hearing set for 4 July. Vivendi has a 24% stake in TIM but has denied taking de facto control at the Italian operator. Last month TIM revealed that it had already filed an appeal against any potential penalty, although it noted that it had still not received any official notification of the fine.
As previously reported by CommsUpdate, a shareholder vote last month saw the US-owned activist investment fund Elliott Advisors wrest control of TIM’s board away from Vivendi. Elliott won a narrow victory, taking 49.84% of the vote ahead of Vivendi with 47.18%, enabling it to nominate ten of TIM’s 15 board members. The board had previously been dominated by members selected by Vivendi.