- With Vivendi (OTCPK:VIVHY +1.8%) set to become the largest shareholder in Telecom Italia (NYSE:TI), TI's chairman has told shareholders he's welcoming foreign investment.
- "We reject the logic that foreign investments in Telecom Italia are dangerous; whoever brings capital and know-how contributes to make our company stronger, regardless of whether the investor is Italian or a foreigner," said Giuseppe Recchi.
- After Vivendi completes the sale of Brazilian unit GVT to Telefonica (NYSE:TEF), it will obtain an 8.3% stake in TI, which -- after investment vehicle Telco (Telefonica and three Italian finance partners) sells its 22% stake -- will make it the biggest shareholder. But Vivendi's CEO says it's not getting back into telecoms and that the investment is opportunistic.
- "Pending ownership developments, the relationship with (Vivendi Chairman Vincent) Bollore today is that with a big media company," says TI CEO Marco Patuano.
- TI is also headed for a change to the shareholder base, approving rules that will give directors from its main investor group just two-thirds of the board rather than four-fifths.