Telecom Italia's (TIM) major investor, Vivendi, continues to assert its belief that any decision regarding the sale of TIM's grid network, its most valuable asset, should necessitate a shareholder vote, according to a source close to the French media conglomerate.
TIM's board is currently reviewing a non-binding €58 billion bid from U.S. investment firm KKR for the grid. Vivendi, with a 24% voting stake in TIM, contends that relinquishing control of the network infrastructure should be subject to approval at an extraordinary shareholders' meeting, deeming the issue of the single network as strategic.
This potential sale comes as the Italian government advocates for a merger between TIM's assets and those of state-backed rival Open Fiber to create a single broadband network. While TIM's CEO, Pietro Labriola, has suggested taking the grid public through an infrastructure trust, Vivendi prefers an outright sale to maximize value.
Vivendi, led by billionaire Vincent Bolloré, holds 3 board seats out of 15 at Telecom Italia and could potentially request a shareholder meeting to contest the sale.
Comments
Post a Comment