They said it and they did it. After failing in the first degree, Vivendi – the main shareholder of Tim with 23,75% of the voting rights – has presented appeal against the decision of Court of Milan who had rejected his attempt to block the 22 billion euro operation kkr and government Italian. Second Reuters, the appeal would have been filed at the beginning of February. The news sends the Tim's title plummets at Piazza Affari, with a drop of over 3,5%, slipping to 0,26 euros per share.
As the legal battle enters a new phase, another key player is making his way: Poste Italiane. With a 9,8% stake, the postal authority has a dialogue has already started with Vincent Bollorée's group it could increase its share in Tim, exceeding 10%, to consolidate its strategic position and play a fundamental role in the future of the company.
Vivendi vs Tim: the tug of war continues
The story is well known: Tim has sold its fixed network to Kkr, an American private equity giant, with a 22 billion euro operation finalized in July 2024. A deal that received the approval of the Italian government, which acquired 16% of the network considering it a strategic infrastructure, but it also exacerbated relations with the French, who are now evaluating the possibility of exiting the shareholding structure.
Vincent Bolloré's holding company never digested the operation. Already in December 2023, it had turned to the Milan court to challenge the Board of Directors' decision, arguing that the sale should be submitted to a vote of the shareholders.
Failure in the first degree
In January 2024, however, the court rejected the French giant's appeal, arguing that the French group did not have the legal basis to oppose the operation. There were two main reasons:
- Vivendi never called a shareholders' meeting after the board's decision, even though it had the right to do so.
- He never explicitly stated that he would vote against the sale of the network during the proceedings.
According to the judges, therefore, Vivendi cannot complain about a decision that it did not formally attempt to obstruct.
The appeal: Vivendi's new round
To overturn the sentence, the French holding company filed appeal in early February. According to what reported by Reuters, among the key arguments raised by the French is the right of withdrawal: According to the group, not only investors who were against the sale, but also those who did not vote in favor or did not attend the meeting should have been able to sell their shares to the former telecommunications monopolist.
Vivendi's objective is clear: to obtain a ruling that calls into question the validity of the resolution of the Telecom Italia Board of Directors, thus putting Fibercop sale under discussion and trying to resume an active role in the management of the telephone operator.
Tim and Vivendi remain on their positions
For its part, Tim has always defended the regularity of the operation, maintaining that the Board of Directors had full authority to decide on the sale without the need for a vote at the shareholders' meeting. No official comment has arrived from the company on the appeal.
The French giant also preferred not to release direct statements, referring to a note dated January 14 in which it had already announced the intention to contest the sentence of the Milan court.
Tim, the assembly postponed to June: more time to negotiate with Vivendi
The ordinary shareholders' meeting of Tim, initially scheduled for April 10, it has been postponed to June 24th, thus giving the company two more months to deal with the delicate negotiations with the French. The postponement of the meeting, which will still have its crucial point of discussion on the 2024 budget at the meeting on March 5, offers the board of the Italian telco more time to reorganise the dialogue with members, in particular with Vivendi, and renegotiate sensitive issues such as remuneration policies and approval of accounts, but also to prevent the ongoing legal battle from irreparably damaging the company's stability. In this context, Poste Italiane, with its 9,8% stake (and it could go up even more), is gaining an increasingly important role, trying to influence governance dynamics and strengthen its position in Tim's future strategy.
