Vivendi it's our largest shareholder, but it doesn't dominate the company. This is stated by the president of Telecom Giuseppe Recchi during a hearing in the Senate during which he commented on the latest developments concerning the telecommunications company and its shareholders.
To date, prior to the potential savings share conversion, Vivendi holds approx 20% of the capital with the right to vote, but Vivendi, Recchi reiterates, “he is not our only shareholder. We respond to a plurality of subjects: from large funds to small shareholders".
Therefore, Vivendi's influence within the company does not translate, at least according to Recchi, into dominance by the French group: "In a public company, such as we are, management and ownership are separate and the managers operate in the interest of all shareholders, to maximize the creation of value.
In any case, according to the chairman of Telecom, "The fact that qualified operators with proven competence have decided to invest and increase their stake in our Group says two things: that our company has the potential to grow, and that in which it is managed reassures shareholders and encourages them to commit themselves even more”.
As for fiber infrastructurefinally, Recchi does not close the door to any industrial projects to speed up the works, but "these must be pragmatic projects with concrete perspectives, industrial projects that do not harm the legitimate interests of our shareholders and which, above all, create value for society".
Telecom, however, will not enter into a partnership with Enel for the drafting of the network, contrary to Vodafone, Fastweb and Wind. The group active in telecommunications, on the other hand, seems willing to lease the fiber in "market failure" areas, i.e. non-market areas.
Finally, the board of directors of the company will be held tomorrow after last week's postponement, as announced by CEO Marco Patuano on the sidelines of the hearing in the Senate. The board of directors will decide on the request to expand the agenda of the meeting called for December 15 with the addition of four directors as requested by Telecom's first shareholder, Vivendi.
