Italian govt prepared to fine Vivendi up to EUR 300 mln - report

Nieuws Algemeen Italië 25 SEP 2017
Italian govt prepared to fine Vivendi up to EUR 300 mln - report

The Italian government is ready to fine Vivendi up to EUR 300 million for the French company’s failure to notify the prime minister's office that it had taken over de facto control over Telecom Italia (TIM), according to an unnamed source cited by Reuters. Officials are due to meet on 25 September to discuss the sanction and are expected to announce Vivendi’s failure to meet its legal obligations after Italian markets watchdog Consob ruled that the media giant does indeed have “de facto control” of TIM via a 24 percent stake and two-thirds of the company’s board, a view both companies deny.

Business daily Il Sole 24 Ore added that Vivendi will be allowed to defend its position and that a fine could be handed down after around 90 days of discussions between the parties.

The government is also prepared to apply the so-called ‘golden power’ rule of 2012 to veto any changes in control or ownership of strategic companies such as TIM. If Italy does decide to use its special powers in the TIM-Vivendi case, it would not be in a vindictive or nationalistic manner, but in a balanced and moderate way, industry minister Carlo Calenda told Corriere della Sera in an interview.

Categories:

Algemeen

Companies:

TIM,  Telecom Italia,  Vivendi

Countries:

Italië

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Shareholders & subsidiaries, Regulations, Government policy, Corporate strategy

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