The chairman of Telecom Italia, Giuseppe Recchi, has met with Xavier Niel in Paris, saying he welcomed the French entrepreneur's investment and reiterating that the group's management will remain Italian even if the shareholders are not. In an interview with Italian daily Corriere della Sera following the recent confirmation that Niel had increased his holding in Telecom Italia to the equivalent of 15.14 percent, Recchi said the French billionaire had told him he was not acting together with the operator's largest shareholder Vivendi and that he appreciated Niel's expert views. "All investors are welcome by definition, especially if they can provide useful know-how. As soon as Mr. Niel comes to Italy we can explore any possible suggestions he may put forward,” said Recchi, adding that Niel “sees the possibility of offering suggestions both for our business model and operating efficiency, in Brazil and Italy."
According to several Italian press reports, Vivendi may now seek to increase its stake to 24.9 percent and add its CEO Arnaud De Puyfontaine to Telecom Italia’s board of directors to counteract Niel’s move. The French media group last week boosted its stake to just over 20 percent of the company’s ordinary shares but will seek to keep its holding under the 25 percent threshold that triggers a mandatory takeover offer under Italian market rules.
