May 4, 2018 / 12:45 PM / a year ago

Vivendi says committed to Telecom Italia after losing board control

PARIS, May 4 (Reuters) - French media conglomerate Vivendi reaffirmed on Friday its commitment to Telecom Italia (TIM) after losing control of the Italian phone group’s board, pledging to fight any break-up plan.

Activist fund Elliott secured two-thirds of Telecom Italia’s board seats at a shareholder meeting on Friday.

“Vivendi will be extremely vigilant in ensuring that (TIM CEO) Amos Genish receives assurance from the board members presented by Elliott that the 2018-2020 industrial plan can be achieved in its entirety and in all its coherence,” it said in a statement.

“Vivendi, which is the largest shareholder holding 23.94 percent of the ordinary shares, reaffirms its long-term commitment to the company and will take all measures necessary to preserve its value and avoid its dismantling,” added the French company. (Reporting by Sudip Kar-Gupta, editing by Valentina Za)

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