ROME (dpa-AFX) - Vivendi (VIV.L, VIVEF.PK), Telecom Italia's largest shareholder, said Friday that it reaffirmed its role as a long term committed shareholder of the Italian telecoms operator prior to its May 4, 2017 Shareholders' meeting for which it has proposed a slate of candidates.
Vivendi said it sees Telecom Italia as a key distribution asset playing a major role in its ambitious plan to become a world class provider of premium content. It is also in the interest of Telecom Italia to have a long term investor.
In addition, Vivendi believes in the importance of continued investment in the expansion of the Telecom Italia mobile and fixed broadband networks to address the strong demand in high quality converged services as well as in multiplay bundles.
Vivendi noted that it is willing to work closely with the Telecom Italia management and teams, with the Italian government and regulatory bodies to successfully develop a major Italian company.
Earlier this week, he Italian Communication Authority or AGCom ruled that stake-building by Vincent Bollore's Vivendi SA in Mediaset (MDIEF.PK, MDIUY.PK) and Telecom Italia breaches Italian antitrust regulations banning companies from having an excessive share in both the domestic telecommunications and media markets.
According to the ruling, Vivendi must rid itself of its stake in one of the companies within a year. AGCom ordered Vivendi to present a detailed plan within 60 days as to how it would comply with the order.
Meanwhile, Vivendi then said that it was surprised by the decision taken by the Italian Communication Authority.
Copyright RTT News/dpa-AFX