Vivendi ready to talk about state takeover Telecom Italia

Vivendi ready to talk about state takeover Telecom Italia

Photo: ANP

The French media group Vivendi, the major shareholder of telecom company Telecom Italia, is said to be willing to talk about a takeover by the Italian state of Telecom Italia. This could put an end to the takeover battle in which the media group is involved. The American investor KKR recently offered almost 11 billion euros for Telecom Italia, but Vivendi saw nothing in it.

Vivendi says it is willing to look into a state-run telecom network if it “prepares for a strategic project led by the public sector,” the company said in a statement. “Vivendi is interested in all solutions that ensure an efficient and modern network infrastructure, while preserving the value of the investment.”

Vivendi is also said to be in talks with lender Cassa Depositi e Prestiti to avoid taking advantage of KKR’s offer, Il Messagero newspaper reported on Sunday. Cassa Depositi has an interest of almost 10 percent in Telecom Italia. The two top executives are said to have recently met and they would soon meet again to develop a joint strategy, the newspaper said.

Vivendi owns almost a quarter of the shares of the Italian telecom group. The company does not intend to sell its stake. Italy’s economy ministry welcomed KKR’s interest over the weekend as “positive news for the country” and said a working group would be formed to study the matter. According to the ministry, a possible takeover must be “compatible” with the further introduction of broadband internet in the country.

Any sale also requires government approval. The Telecom Italia network is of national strategic importance. The acquisition proposal is subject to an audit. That will take at least four weeks. Furthermore, an acquisition requires the support of at least 51 percent of the shareholders.

Vivendi ready to talk about state takeover Telecom Italia
Source link Vivendi ready to talk about state takeover Telecom Italia

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