Vivendi is flexing its muscles following its acquisition of a stake in Telecom Italia by raising a question over the future of CEO Marco Patuano, according to reports.
According to Bloomberg Business, Vivendi is losing patience with Telecom Italia’s management following its €3.5 billion investment in the Italian telco. The French media giant has been putting pressure on the company to adopt a media-focused and southern Europe-focused strategy and to sell off its Brazilian assets.
According to Bloomberg Business, Patuano met Vivendi management in Paris yesterday to discuss its strategic direction, including the future of Brazilian unit TIM Participacoes.
Vivendi last month achieved its goal of placing four additional appointees on the Telecom Italia board – Felicité Herzog, Arnaud du Puyfontaine, Stéphane Roussel and Hervé Philippe – and saw off a threat to have its stake diluted through the conversion of so-called savings shares into voting shares, having earlier secured a 20% stake in the Italian telco.
19 September 2020 @ 17:00:01 UTC