Vivendi's ascent continues in the capital of Telecom Italia. Between 23 November and 5 December, the French group chaired by Vincent Bolloré purchased a further 117,9 million Telecom shares on the market, reaching 24,19% of the company. The purchases - explains Vivendi in the documentation filed with the SEC - took place "in order to bring the share to the levels prior to" the recent conversion of Telecom bonds.
In fact, the stake of the French group had diluted from 24,68% to 21,91% as a result of the 1,3 billion convertible. Last November 22, Vivendi announced a first round of purchases of Telecom shares which brought it to 23,15% of the capital.
Based on yesterday's closing price of Telecom stock (0,718 euros, +2,57%), Vivendi's latest purchases are worth 84,6 million euros. The overall stake consists of 3.637.328.030 shares for a total value of 2,61 billion euro.
According to the French group's last quarterly documents, as of last September 30, the 3,33 billion shares then held by Vivendi, which constituted 24,68% of Telecom before the conversion effect, were accounted for in equity for a worth 3,92 billion euros.
At the Stock Exchange quotation on that date (0,739 euro), the Stock Exchange value amounted instead to 2,46 billion. In the quarterly report as at September 30, Vivendi specifies that "it will examine the value of its investment in Telecom Italia when approving the accounts for the year as at December 31, 2016".
