"It's complicated in Italy, but we can do better." Word of Vincent Bolloré, owner of Vivendi who held the meeting in Paris on Tuesday 25 April. "The best is yet to come" echoed the CEO Arnaud de Puyfontaine, also speaking in Italian, at the end of the presentation of the group's strategies, in which Italian assets play an important part. “We are long-term builders. As you know, Rome was not built in a day and we are on the right track,” added the CEO, emphasizing that the goal is to "build a solid and perennial building". De Puyfontaine also recalled the 2 billion in remuneration to shareholders as dividends and buybacks in the last two years and announced a growth in revenues and operating profit.
In general, therefore, for the French group "everything is fine". Looking at Italy, however, Vivendi is the largest shareholder of Telecom Italia with 23,9% and second shareholder of Mediaset with 28,8%. On April 18, Agcom resolved that on the basis of Tusmar, the consolidated text of audiovisual and radio services, the group must reduce one of the two shareholdings. Last Friday, in a note, Vivendi underlined the centrality of Telecom in its strategy and its desire to be a long-term shareholder, thus giving an implicit indication of its choices.
According to the experts, however, a sterilization of more than 10% of the share in Mediaset could be sufficient to comply with the Agcom ruling. “In Telecom Italia we are the first shareholder to strengthen our presence in Italy – confirmed de Puyfontaine – a market with high potential and in full transformation which is very important for realizing our project of European champion of media and content”. The CEO underlined “the long-term position” in Telecom.
A tough tug of war is underway with Mediaset and a dispute since last summer, for the failure to implement the agreement signed on 8 April 2016 which provided for the transfer of Premium pay TV to Vivendi and an exchange of equity investments in the amount of 3,5%. “Vivendi has taken a stake in Mediaset” De Puyfontaine said again as part of his strategy aimed at distributing Latin content on TV channels. "Our alliance - he added - did not start on the best foundations, but we want to recover a constructive and perennial relationship". Vivendi owns 28,8% of Mediaset's capital.
Bolloré is present today at the Vivendi shareholders' meeting with a 20,65% share of the capital but with 29,94% of the voting rights, by virtue of the French legislation which provides for double voting for shares held over two years .
The meeting has 25 items on the agenda. Two proxy advisors have recommended voting against 15 resolutions, including those on the re-election of Bolloré himself to the supervisory board and the co-option of his son Yannick.
With regard to the M&A and the group's strategy on acquisitions, repeated rumors give Vivendi an interest in taking over Havas, now controlled by the Bolloré group and led by Yannick Bolloré and in taking over the video game giant Ubisoft, after conquering last year Gameloft, which like Ubisoft it was owned by the Guillemot family.
