Vivendi says it has no plans for Telecom Italia merger
Vivendi has insisted that it is not seeking to merge with Telecom Italia.
The company’s CEO Arnaud de Puyfontaine issued a statement in response to calls from investors – Standard Life Investments, Legal & General Investment Management and APG Asset Management – seeking an explanation as to why it requested the appointment of four directors at Telecom Italia.
Vivendi’s request to increase the number of directors from 13 to 17 will be discussed and voted on at a shareholder meeting on December 15 2015.
"Vivendi has no plan to exercise a relevant influence on the company, nor to integrate the two groups, but rather to add value to the already high quality and standing of the current board and management," said de Puyfontaine.
"The fact that three proposed candidates are top figures within the Vivendi group only confirms the utmost attention given by Vivendi to the future of Telecom Italia. Based on the historic attendance at Telecom Italia's shareholders' meeting, Vivendi does not share the view that the proposed directors would lead to an over-representation of investment," he added.