Telecom Italia S.P.A.NYSE
Sep. 9, 2015, 11:34 AM
- Vivendi (OTCPK:VIVHY +0.4%) is continuing its ownership push in Telecom Italia (TI +2%), raising its stake yet again in the carrier, to 15.5%.
- The holding is worth €3.3B (about $3.7B) today.
- "Rome was not built in a day," said CEO Arnaud De Puyfontaine of Vivendi's steps toward building a southern Europe-focused media group. "When you got a big plan you have different steps and it’s not by the snap of your fingers that you do that."
- Vivendi's move comes even as TI is considering a savings-stock conversion that would have the effect of diluting the French conglomerate's stake.
- The French company has gathered €9B in cash after disposing of other telecom assets over the past few years.
- Previously: Telecom Italia mulling $6B savings-stock conversion (Sep. 04 2015)
- Previously: Bolloré ousts Canal Plus chief, takes hands-on role (Sep. 03 2015)
- Previously: JPMorgan reverses course, bumps Vivendi two notches to Buy (Sep. 01 2015)