In Telecom Italy the era of Vincent Bolloré begins, and he is preparing to go shopping in our country as well. Vivendi, the French telecommunications giant chaired by the Breton financier, announced yesterday evening that it holds 14,9% of the Italian company's capital in its portfolio, of which 8,24% (equal to 1,11 billion ordinary shares) is arrived from Telefonica.
Will Vivendi continue to grow in Telecom Italia? To the question the CEO of the French group Arnaud de Puyfontaine, in an interview today in Corriere della Sera, replied as follows: “Time will tell. Never say never". So everything is possible.
In detail, Vivendi sold 100% of Gvt, a Brazilian telecommunications company, to Telefonica and in exchange for this stake received not only 4,6 billion in pre-tax cash (estimated at 0,6 billion), but also 12 % of Vivo (Telefonica Brasil group) and exchanged 4,5% against 8,3% of the ordinary shares of Telecom Italia (transaction closed on 28 May last).
Separately, the French group, which recently acquired 1,90% of the former incumbent's ordinary shares, further increased its stake by 22% on 4,76 June, for a total of 6,66%, with an investment total of the order of approximately 1 billion euros.
With the strengthening of the share capital of the Italian telecommunications company, Vivendi gives "a strong signal, to indicate the will to build a solid and long-term relationship with Telecom Italia, which has great prospects especially in view of the development of ultra-broadband", continued the CEO in the interview with Corriere, reiterating that he is a long-term industrial investor. “We do not operate on behalf of third parties”. On broadband “it is too early to express my official position, because each country has its own logic. However, I can say that Italy and Greece are the only European countries without a cable network”. When asked if Vivendi will ask Telecom to sell Tim Brasil, de Puyfontaine replies: “I know it's a very hot issue. I am open and very flexible: the important thing is to make a decision that brings value in the long term”.
On the eve of the provision on broadband, once again postponed, a player enters the field who has 10 billion of cash liquidity also to be invested in Italy.
As for entering the Cda of Telecom by representatives of Vivendi, sources close to the French group reveal that "the question does not arise at the moment", but "if circumstances in the future create this opportunity", the French group "will examine whether having a seat on the board will allow participation positively and constructively to the future of society”.
In the position of reference shareholder of Telecom Italia, "the first stage will be to discuss with the management and the board and to make a contribution to the strategic development of the company". There are various topics of interest, but for now no details are leaked. Nonetheless, Vivendi is attentive to "government plans for infrastructure and their development in Italy", being convinced that it is a strategic issue.
