Vivendi believes “that it does not exercise any de facto control over Telecom Italia, pursuant to article 93 of the Consolidated Finance Law and article 2359 of the Italian Civil Code, since its stake in the company's capital is not sufficient to allow it to permanently exercise a dominant influence at the general meetings of Telecom Italia shareholders”. The French group reiterates this in the note on the half-yearly accounts.
“All the empirical data unequivocally reveal that Vivendi is not in a position of control in the assemblies,” adds the French group. Vivendi, the "main shareholder" of the Italian operator, wants to "foster a long-term policy of development of convergence between telecommunications and content", specifies the note.
"The start of Vivendi's exercise of the control and coordination activities" of Telecom Italia was registered by the Board of Directors "on the basis of factual and specific elements mentioned in the press release of August 4", the French group also indicates.
As for the existence of a control position linked to international accounting standards on consolidated accounts, Vivendi "confirms that it does not have the power to direct Telecom Italia's financial and operating policies, pursuant to IFRS 10 standards".
