Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

TIM says Vivendi's 'direction' role due to management change, JV

Published 08/04/2017, 08:31 AM
Updated 08/04/2017, 08:40 AM
© Reuters. FILE PHOTO:A Telecom Italia tower is pictured in Rome

MILAN (Reuters) - Top investor Vivendi (PA:VIV) last month notified the board of Telecom Italia (MI:TLIT) (TIM) that it was "directing and coordinating" the phone company because it planned to appoint one of its own managers at the Italian group, TIM said on Friday.

In a statement released at the request of market regulator Consob, TIM said another reason for the July 27 declaration was a proposed joint venture between the phone group and Vivendi's pay-TV unit Canal+ that would strengthen the links between the two companies.

The issue of whether Vivendi controlled TIM under Italian law was not part of the board discussions, it added.

The statement comes just days after Italy's industry minister had asked the government to look into whether Vivendi duly informed the prime minister's office of it exercising de facto control over TIM.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.