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This article was published on Dec. 15, 2015 at 15:59.
The last change is the December 15, 2015 at 20:44.
Double victory for Vivendi in the match which was played to the assembly of Telecom Italy: partner France, which holds 20.5% stake in the telecommunications company, has blocked the conversion of savings shares into ordinary shares and obtained the extension of the board by setting the number of directors to 17, in order to bring their 4 representatives, that Arnaud de Puyfontaine, Stephane Roussel, Felicite ‘Herzog and Herve’ Philippe. However, the shareholders’ meeting by a whisker not approved the abolition of the non-compete clause of the shareholders (should have received 50% of the vote and received 49.7%). The president of Telecom, Giuseppe Recchi said thatthe legal company are working to understand the impacts of the decision meeting. Tomorrow, however, announced the manager “will be held the first board of directors with the presence of new directors of Vivendi.” Moreover, the competition between the groups and Vivendi Telecom looms only in terms of platforms Daily Motion, owned by transalpine group, and Tim Vision, Telecom Italy.
Taking a step back, the result of the conversion of savings was clear ever since I started the meeting and saw that, this being the 55.6% stake, Vivendi owned 35 , 9% of the votes. The conversion, however, would have to receive the approval of two thirds of those present, ie more than 66% of voters. And Vivendi, since last Friday, had announced that it would refrain. It was rather less obvious result of the ordinary on the composition of the board, but in the end it passed with 52.9% of the votes.
The group across the Alps, represented at the meeting by CEO Arnaud de Puyfontaine, is not opposed to the conversion of savings into ordinary, but disagrees with the conditions proposed by the board, although they were shared with advisors Citigroup and Equita . However, he said Recchi at the end of the assembly, the operation could be revived again with different terms, after members of Vivendi will be entered into the board.
Moreover, even the ‘ CEO of Vivendi, has pointed out that the group across the Alps has not “changed his mind at the last minute ‘on the issue of conversion. “It’s wrong, it is not factual – has spurred – Friday ‘last year we supported our abstention to conversion with a view to review the conditions.”
The manager, emphasizing the need for Telecom to have a stable shareholder, he has repeatedly stressed that the shareholder beyond the Alps, which holds 20.5% of shares, plans to stay in the capital of the telephone company for long time, as an industrial partner. “Vivendi – he said – is a serious group that could help to create further value for Telecom Italy. We want to join forces and create value for all shareholders. ”
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