Sole24Ore reports that given Vivendi’s declaration to abstain at the shareholders meeting concerning the vote on the conversion of savings shares it’s unlikely that the motion will be passed and that arbitrage funds (if motion not approved) will likely close out positions en masse. Reported also that Co. BoD issued a press release noting Vivendi’s position and reiterated that the conversion plans were in the interests of all shareholders.
Il Corriere reports comments from Vivendi CEO Mr. De Puyfontaine who said that:
1) Vivendi is in favor of the savings shares conversion but not under these conditions
2) Vivendi will not withdraw its request to increase the number of board members (from 13 to 17)
3) Vivendi has met with representatives of the Government and wants to develop a long term strategic investment policy for Co. Complete agreement with Gov on broadband strategy.
4) If the shareholders meeting rejects Vivendi’s requests for increasing board members Vivendi will still ask for board representation.
5) Reiterated no contact with French Telco investor Niel.