There was no shortage of surprises in the Telecom Italia shareholders' meeting which was held yesterday in Rozzano, on the outskirts of Milan, with the participation of 55,67% of the share capital.
La conversion of savings shares into ordinary shares, which would have diluted the shareholders but which was eagerly awaited by the market, did not pass because Vivendi, who is the first shareholder of the telephone company, exercised its blocking minority powers and, preventing the achievement of 2/3 of the votes, it effectively rejected the conversion proposal: 62,5% voted in favor of the proposal but the abstention of 36,1% was decisive, which weighed as against.
Instead, it was approved with 52,9% of the votes the entry of four Vivendi representatives into the board which from 13 rises to 17 members. Among the new directors is the CEO of the French company, Arnaud Roy de Puyfontaine.
The assembly has instead rejected the other proposal of Vivendi of exclude new directors from the ban on competition: the proposal received 49,7% of the votes and did not pass.
With the entry of Vivendi change the balance in the Board, which is largely still an expression of the former Telco (Mediobanca, Generali, Intesa), and the new course of Telecom, especially on ultra-broadband, remains to be written.
