"Vivendi does not have the power to direct Telecom Italia's financial and operating policies", this is what the French giant, Telecom Italia's largest shareholder with 23,9%, underlined in its report on the quarterly accounts.
An affirmation that seems to be a response to the resolution with which Agcom last April imposed the reduction of its stake in the Italian telecommunications company or in Mediaset in order to comply with the Gasparri law.
Vincent Bolorré's company points out that "it does not have the certainty of having the majority of votes at the Telecom Italia shareholders' meeting, there is no agreement between Vivendi and Telecom which allows Vivendi to appoint the majority of the board members of Telecom's board of directors or to hold the majority of voting rights in meetings of the board of directors of Telecom'”. Not only that, "Vivendi does not have the power to unilaterally designate the chairman of the board of directors or the managing director of Telecom".
The stake in Telecom has "a minority nature", according to which Vivendi exercises "significant influence" over the company, which - according to what can be read in the report - has led since December 2015 to record the stake in Tim under equity net. By virtue of all this, "Vivendi intends to appeal this decision," the document specifies.
But today also brings some news on the Mediaset front. At the end of March, the transalpine group had a latent capital gain on its share in Mediaset of 62 million euros, while the investment in Telecom Italia, which is accounted for in equity, had a value of approximately 1 billion higher than the stock market prices.
In detail, Vivendi has 28,8% of Mediaset's capital and 29,94% of the voting rights, at a purchase price of 1,259 billion, with a book value of 1,32 billion based on a price of Purse of 3,88 euros, against 1,39 billion at the end of December. The latent capital gain, which at the end of 2016 amounted to 140 million, dropped to 62 million in March.
As for Telecom, the 23,9% held in the telecommunications operator has a net book value of 4,19 billion euros, up from 4,13 billion at the end of 2016, against a purchase cost of 3,899 billion .
