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French watchdog asks Vivendi to explain stance on Telecom Italia
September 14, 2017 / 1:45 PM / 2 months ago

French watchdog asks Vivendi to explain stance on Telecom Italia

PARIS (Reuters) - French markets watchdog AMF has asked Vivendi (VIV.PA) to provide a detailed analysis to explain why it does not believe it controls Telecom Italia (TLIT.MI), an AMF spokeswoman said on Thursday.

Vivendi, led by billionaire Vincent Bollore, is Telecom Italia’s number one shareholder with a 24 percent stake. It is contesting a statement by Italian markets authority Consob that Vivendi had “de facto” control over Telecom Italia.

“AMF has asked Vivendi to give a detailed analysis on the elements that led it to conclude there is an absence of control of Telecom Italia by Vivendi according to international accounting standards (IFRS)”, the spokeswoman said.

“AMF’s review is going on,” she added.

Reporting by Mathieu Rosemain, Editing by Tim Hepher

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