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Vivendi ups stake in Telecom Italia

The Vivendi office is seen in Paris on Wednesday, May 17, 2006.Vivendi now owns 19.9% of Telecom Italia’s ordinary shares.

Vivendi previously became the Italian telecom operator’s largest shareholder on June 24 with 14.9% of its ordinary shares. This participation resulted from a share exchange as part of its exit from the Brazilian telecoms operator GVT for the equivalent of 8.24% of Telecom Italia’s ordinary shares, and from the purchase of shares on the market for 6.66%.

The French media group has now acquired an additional stake through an acquisition of shares on the market and now owns 19.9% of Telecom Italia’s ordinary shares.

The total acquisition price in the consolidated accounts is €3.054 billion, or €1.14 per ordinary share.

Vivendi said that this new investment confirms its intention to support the telecom group over the long term and to develop its activities in southern Europe.