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Vivendi reportedly closing in on Telecom Italia goal

The Vivendi office is seen in Paris on Wednesday, May 17, 2006.Vivendi has taken a series of steps to allow it to increase its stake in Telecom Italia from 15.5% to 19% according to a Reuters report, citing four unnamed sources.

According to Reuters’ a number of banks could make their position in the Italian telco available to Vivendi, whose chairman, Vincent Bolloré, has strong links with the Italian telco.

Vivendi has reportedly set a goal of upping its stake in the Italian telco to about 20%.

Telecom Italia CEO Marco Patuano meanwhile said yesterday that there is “no problem” with Vivendi increasing its stake in the operator. Patuano told journalists that the two groups had only had discussions about operational questions.