- First Orange needed to clarify that it wasn't seeking to merge with Telecom Italia (TI +1.1%); now Vivendi (OTCPK:VIVHY +0.5%) says it's not planning to pursue a merger with the carrier despite amassing a 20% stake.
- Italy considers Telecom Italia of strategic national interest and has been looking nervously at the stake buildups by Vivendi and its chairman Vincent Bollore, and by Iliad founder Xavier Niel, who built rights to a 15.1% position.
- In its letter, Vivendi says its call for four board seats "does not call into question the work carried out by the current board of directors and its executive members."
- The company does say it shares TI's strategic plan and objectives, "including the development of high speed connections and new technologies in a very competitive market."
- Vivendi's request for board seats will be discussed at a Dec. 15 meeting.
- Previously: Orange: No plans to merge with Telecom Italia (Dec. 02 2015)
- Previously: Telecom Italia shareholders concerned about Vivendi board push (Nov. 20 2015)