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Vivendi likely to notify Italy government on Telecom Italia control issue soon: sources
September 14, 2017 / 10:22 AM / 6 days ago

Vivendi likely to notify Italy government on Telecom Italia control issue soon: sources

A woman walks walk past the main entrance of the entertainment-to-telecoms conglomerate Vivendi's headquarters in Paris April 8, 2015. REUTERS/Gonzalo Fuentes/File Photo

MILAN (Reuters) - Vivendi (VIV.PA) will probably notify the Italian government on the issue of control at Telecom Italia (TLIT.MI) soon, two sources close to the matter said on Thursday.

Rome is looking to see if Vivendi breached an obligation to notify it of its effective control of Telecom Italia (TIM) after building a stake of around 24 percent.

Vivendi claims it does not have de facto control of TIM. But on Wednesday Italian market watchdog Consob said the French media giant effectively controls the former telecom monopolist.

“It is not mandatory to do so (notify the Italian government), but I think it will be done as a precautionary measure,” one of the sources said.

A person close to the matter previously said the government was likely to take a decision on the issue on September 25.

If Rome decides Vivendi has de facto control of TIM it may conclude the preconditions exist for it to exercise special powers to protect what it considers a strategic national asset.

Reporting by Alberto Sisto and Stefano Rebaudo, writing by Stephen Jewkes

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