Vivendi maintains top shareholder status in Telecom Italia

Vivendi has acquired additional shares in Telecom Italia, allowing it to maintain its position as the Italian telco’s leading shareholder.

Vivendi said it held 23.15% of Telecom Italia as of November 22.

The media giant took the step of acquiring additional shares after its stake, which previously stood at 24.68%, was diluted to 21.91% as a result of the maturity of a bond mandatorily convertible into ordinary shares.

Vivendi said it had notified the US Securities and Exchange Commission of the transaction and would notify the Italian securities authority, Consob.

Vivendi progressively upped its stake in Telecom Italia over a number of months in late 2015 and early 2016, ultimately using its influence to help secure the departure of the group’s CEO Marco Patuano.

At the end of last year, Vivendi secured the right to name four additional members of the board and saw off a threat to have its stake diluted – at the time from 20.53% to 14% – by effectively blocking a move to convert ‘savings shares’ into ordinary shares.