(Reuters) – Vivendi on Friday said it has reduced its ownership in Telecom Italia (TIM) to 18.4% from 23.8%, in line with its earlier strategic decision to divest from the Italian telecom operator.
After further sales made post-March 18, the Paris-listed group said it now owned 18.37% of the ordinary shares and voting rights, and 13.19% of the share capital, in the Italian telecom operator, the company said in a statement.
This month Vivendi’s CEO Arnaud de Puyfontaine confirmed the company intended to sell its stake in TIM, as the Paris-listed group no longer considers the investment to be strategic.
“When we are in a position to be able to exit the company in good terms, we’ll do it,” he told analysts in a post-result call.
Vivendi first invested in TIM in 2015.
The former Italian phone monopoly last year became the first telecom incumbent in a major European country to opt for a full separation of its fixed-line network, selling it to a consortium led by U.S.
fund KKR.
Vivendi opposed the grid sale, and is challenging the move in court.
In February, state-backed financial conglomerate Poste became TIM’s second-largest shareholder after Vivendi by acquiring a 9.8% stake from state lender Cassa Depositi e Prestiti, a move backed by leading officials in Prime Minister Giorgia Meloni’s office.
Sources told Reuters Poste was considering raising its stake further.
(This story has been corrected to fix the ordinary shares figure to 18.37%, not 19.32%, and the share capital to 13.19%, not 13.87%, in paragraph 2)
(Reporting by Pretish M J in Bengaluru and Elvira Pollina in Milan; Editing by Vijay Kishore)
