Telecom, Vivendi enters the board Bocciata conversion savings – BBC

meeting

Milan , December 15, 2015 – 15:40

     
     
 

Double victory for Vivendi Telecom in Italy. The French group comes in with four representatives on the board of the telephone, which is the largest shareholder with 20.5% stake. And, with its abstention it does not pass the conversion of savings shares into ordinary shares. The market celebrates. And on the Stock Exchange the shares of Telecom Italian closed up by 5.6% to EUR 1,149, while savings bonds rose by 3.8% to 0.9135 euro.

No conversion

The meeting of Telecom Italy has rejected the operation of conversion of savings shares into ordinary wanted by the board. In favor of converting it voted 62,25% of the capital represented, but served two-thirds of the votes. It voted against the 1.5% stake. The shareholder vote was decisive abstention Vivendi that with about 36% of the capital present constituted a blocking minority against the conversion of savings. And ‘the first point scored by Vivendi . In front of the strength of the funds to expand the board to let four directors appointed by the French group, the conversion has changed positions, although the CEO Arnaud de Puyfontaine at the meeting denied the sudden change of direction. “It ‘been said that we changed our minds at the last minute – said the manager – but it is wrong, is not factual. Last Friday we told to support the conversion and our position is the abstention by the prospect of seeing the conditions of the operation. “

Yes enlargement of the board

The two goals by Vivendi comes during the ordinary session of the Assembly of Telecom Italy, which approved the ‘integration of the board with the 4 directors proposed by the French. So come on the board of the CEO of Vivendi Telecom Arnaud De Puyfontaine, the chief operating officer Stephane Roussel, the financial director Hervé Philippe and former manager of Areva Felicité Herzog as a consultant. The motion passed with 52.9% in favor, 45.3% against and abstentions by 1.8%. Vincent Bolloré, Chairman and shareholder of Vivendi open the champagne.

15 December 2015 (modified December 15, 2015 | 19:16)

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