Italian minister calls Vivendi 'awful' investor in Telecom ItaliaStaff Writer | April 16, 2018
Vivendi has been an "awful" investor in Telecom Italia (TIM) , Italy's outgoing Industry Minister Carlo Calenda told la Repubblica daily.
Communications "I am in favor of foreign investments"
TIM has lost a quarter of its market value since Vivendi, the group's largest shareholder with just under 24 percent, first took a stake in the middle of 2015.
Vivendi's management of the company has led to tensions with the Italian government and Rome eventually decided to use its so-called "golden powers" to ensure it had a say in some key decisions.
Vivendi is also facing a challenge from activist hedge fund Elliott, which has a 9 percent stake, and wants to make changes to the board.
Increasing its influence, the government also bought a 4.262 percent stake in the group through its investment arm Cassa Depositi e Prestiti (CDP).
The investment through CDP follows a decision by TIM to put its network, which analysts have valued at up to 15 billion euros, into a legally separate company, fully controlled by the phone incumbent. ■