Vivendi has sold more than 5% of its capital on the market Tim and goes down to 18,37 % from the previous share of 23,75%. This is stated in a press release from the French group, the largest shareholder of the TLC group. On March 18, Vivendi had already reduced its commitment, settling below the threshold of 20% of Tim's ordinary shares and voting rights, stopping at 19,32%, until it reached the current even lower share. Vivendi notified the Consob the descent.
Tim towards a new shareholder reorganization: what Vivendi has done
For now, Vivendi has taken advantage of a favorable market window, with the share price of the group led by Peter Labriola which recently reached the three euro mark.
Having fallen below the 20% threshold, Vivendi had to notify Consob of the movement, and then arrived at the final communicated quota with 'small' subsequent sales. "This exceeding of the threshold derives from the sales of shares on the market“, the French wanted to clarify in their note, also recalling that Vivendi “has ceased to account for its stake in Tim using the equity method as of December 31, 2022 and has indicated on several occasions its intention to sell its stake in a context of good financial conditions”.
Tim and Vivendi's disengagement
On March 6, the chairman of Vivendi, Vincent Bolloré, confirmed to financial analysts that the group intended disengage from Tim but without haste, "when it can be done under good conditions", he specified. "The intention is to sell our share, this is the plan. We have heard various speculations but when we can sell under good conditions we will do it: our approach is very pragmatic", explained Bollorè.
Tim, the negotiations with Poste
And so it was, with analysts now able to analyze the dialogues between the group Italian post, which would not have participated with purchases to the share now sold by Vivendi but which some hypothesize could rise from its almost 10%, with the aim, according to various reconstructions, of remaining in any case below the threshold of the obligation of a takeover bid. In the game there would also be the British CVC Fund, which has long been interested in entering the capital of the telecommunications group. The fund could acquire Vivendi's share in Tim, but obviously wants to understand the position of Poste and the government.
