French media group Vivendi is likely to announce as soon as 23 June or 24 June that it is raising its stake in Telecom Italia (TI) to 14.9 per cent and may also have secured two board seats, according to Reuters.
This follows the news that members of investment group Telco, Telecom Italia’s largest shareholder, will be free to sell their shares in the company. Telco owns a 22.4 per cent stake in TI.
Vivendi is already set to receive an 8.3 per cent stake through its sale of Brazilian broadband group GVT to Spanish operator Telefonica, which will make it TI’s largest shareholder.
However, a report in Italy’s Il Sole 24 Ore says that Brazil’s antitrust authorities will ask Vivendi to sell the 7.4 percent stake it holds in Vivo, Telefonica’s Brazilian unit, before it can raise its stake in TI.
Last week, Vivendi said it wanted TI to sell its Brazilian business and focus on its home market and southern Europe.