French media and communications group Vivendi has reiterated its commitment to Telecom Italia (TIM), in which it is the majority shareholder. The company’s executive chairman Arnaud de Puyfontaine said he is confident of achieving success in Italy, Reuters reports. He added that Vivendi needs to be patient in its Italian ambitions, saying ‘Rome was not built in a day’.
The comments came after Vivendi backed down from its attempts to revamp the TIM board at a shareholder meeting last month. Vivendi had been involved in a public spat with another TIM shareholder, the US-owned investment fund Elliott Advisors, due to their differences on how the telco should be run going forward. However, the French group’s decision to withdraw its calls for a board reshuffle has been seen as a sign of a possible thawing in relations between the two sides.