French media conglomerate Vivendi has requested the appointment of four directors on the board of Telecom Italia, according to a statement released by the operator. Vivendi recently became Telecom Italia's largest shareholder with a stake of just over 20 percent and has reiterated its long-term interest in the operator but has yet to take up any seats on its board. In its statement, Telecom Italia said it had received a proposal from Vivendi to supplement the agenda of the scheduled meeting on 15 December with an item requesting "the appointment of 4 directors, with prior redefinition of the number of members of the Board of Directors from 13 to 17". Vivendi's board nominees are CEO Arnaud de Puyfontaine, COO Stephane Roussel, CFO Herve Philippe and consultant Felicite Herzog.
Telecom Italia is holding an extraordinary meeting on 15 December to discuss plans to convert saving shares into ordinary ones. If the proposal is approved, Vivendi could see its stake reduced to 13.9 percent but, according to recent reports, is prepared to invest another EUR 1 billion to return to 20 percent to prevent the dilution of its holding and confirm its long-term interest in the Italian operator.
Italian markets regulator Consob has summoned de Puyfontaine to a 16 November meeting to discuss Vivendi’s investment in Telecom Italia after meeting with French billionaire Xavier Niel earlier this month. Niel, founder of internet provider Iliad, confirmed that his recently acquired options in Telecom Italia could potentially give him a 15 percent stake in the company but that he was acting alone.
