PARIS (Reuters) – French media group Vivendi defended its strategy for Telecom Italia (TIM) in a document released on Tuesday, insisting it is best placed as the number one shareholder to provide stability for the former monopoly.
Vivendi, which holds a 24 percent stake in TIM, is facing a challenge from activist hedge fund Elliott Advisors, which has built a 9 percent stake in Telecom Italia and wants to make changes to its board.
“Vivendi can provide stability and expertise while enabling other shareholders to invest and participate in any future upside,” the French group said in the document.
“We are also committed to preserve Telecom Italia as an Italian company with Italian governance and representation,” it added.
(Reporting by Mathieu Rosemain; Editing by Sudip Kar-Gupta)