MILAN (Reuters) – Telecom Italia (TIM) is considering pushing back to as late as June its annual shareholder meeting currently scheduled for April 10, two sources close to the matter told Reuters.
TIM’s directors could discuss the potential postponement at a board meeting on Friday, one of the sources said. TIM declined to comment.
At the annual meeting, in addition to its full-year earnings and top management pay, TIM could put to a shareholder vote actions on its share capital that would help it restart investor remuneration, the two sources said.
A delay would buy TIM time at a moment when relations with its top shareholder Vivendi are strained, which increases uncertainty around the outcome of the vote on the items TIM will include in the general meeting’s agenda.
After failing to stop TIM’s landmark disposal of its landline grid, Vivendi has challenged the deal in court.
It is now considering selling its stake in the phone group, and has held talks with private equity firm CVC, sources have previously said.
The potential transaction, however, has been put on hold by the Italian government, which has special vetting powers on TIM and must clear any stake acquisition in the group bigger than 3%.
Meanwhile, state-controlled Poste Italiane this month became a TIM shareholder by taking a 9.8% stake which was previously held by state lender Cassa Depositi e Prestiti.
(Reporting by Elvira Pollina; Editing by Valentina Za)
