Vivendi wins four seats on Telecom Italia's board
Vivendi has gained board representation at Telecom Italia despite objections from the operator’s minority investors.
Approximately 53% of Telecom Italia shareholders approved Vivendi’s request to increase the number of the company’s board members from 13 to 17 – appointing four directors – to represent the French company.
The four Vivendi directors are Arnaud de Puyfontaine, Vivendi’s chief executive; Stephane Roussel, COO; Herve Philippe, CFO and Felicite Herzog, a former executive of French company Areva.
The vote will give Vivendi – Telecom Italia’s largest shareholder – greater influence over the debt-ridden operator.
The French group also blocked the conversion of savings shares into ordinary shares by Telecom Italia. The plan was approved by 62.25% of the shareholders while Vivendi – armed with 35.9% of the votes – abstained from the vote.
Vivendi has been steadily increasing its stake in Telecom Italia throughout the year. It presently has about 20% stake in the operator.