Vivendi may be forced to launch public offer on Telecom Italia by Italian securities regulator - report (translated)
12 JUL 2017
Vivendi [EPA:VIV] could be forced to launch a public offer on Telecom Italia [BIT:TIM] by Consob, Italy's securities regulator, Italian-language daily Il Messaggero reported. The unsourced report said that Consob could launch an investigation into Vivendi over concerns that it is beginning to dominate TIM's senior management. The report said that the outcome of the investigation could be a ruling that Vivendi will have to launch a public offer on TIM.
The report said that the latest concerns have been prompted by rumours that Amos Genish. Vivendi's Chief Convergence Officer is in pole position to become general manager of TIM. The report said that Genish and TI's deputy chairman Giuseppe Recchi would then take some of the powers of CEO Flavio Cattane.
The item noted that Consob head Giuseppe Vegas has already expressed concerns over the appointment of Vivendi CEO Arnaud de Puyfontaine as executive chairman of TIM.
TIM has a market cap of EUR 15.78bn.