French media conglomerate Vivendi is expected to announce an imminent deal that will see it increase its stake in Telecom Italia to 14.9 percent and secure two board seats, according to an unnamed source cited by Reuters. The announcement could be made by 23 or 24 June, the source said. Vivendi is keen on consolidating its position as Telecom Italia’s largest shareholder beyond the 8.3 percent it will receive from Telefonica as part-payment for its Brazilian broadband unit GVT and last week sources reported that the French company is planning to increase its stake to 10-15 percent. However, a report in Italian business daily Il Sole 24 Ore suggests that Brazil's antitrust authorities will require Vivendi to sell a 7.4 percent stake it still holds in Telefonica's Brazilian unit Vivo before it can raise its stake in Telecom Italia.
Vivendi’s move coincides with Telefonica’s recent announcement that the four investors that make up Telecom Italia's holding company Telco SpA have completed its demerger, leaving them free to sell their stakes. Telefonica currently has 14.72 percent of ordinary Telecom Italia shares, while Assicurazioni Generali has 4.31 percent, and Intesa and Mediobanca 1.64 percent each.
