Tim, the Court of Milan has declared “inadmissible due to lack of interest in acting” and “lack of standing to act” the requests for Vivendi regarding the sale by Tim of Netco fixed network to Kkr. This is stated in a note signed by the President of the Court, Fabio Roia.
Vivendi vs. Tim: What the Milan Court Decided
The Civil Section specialized in business matters of the Court of Milan, chaired by Angelo Mambriani, filed this morning, as stated in the press release from Roia, the "sentence with which case number 44320/2024 was decided" promoted by Vivendi against Tim, which had "as its object the declaration of invalidity of the resolution of the board of directors" of the communications group, dated 5 November 2023, of "approval of the offer for the Fixed network transfer presented by Kkr".
The court, in fact, deemed this request inadmissible due to a lack of interest in taking action (in particular because Vivendi had not declared its intention to vote in the event of a meeting being called) and not because of the merits of the case.
Vivendi vs. Tim: “We will challenge the Court’s decision”
Vivendi “acknowledges” the decision of the Court of Milan to reject its appeal against the decision of the board of directors of Tim regarding the sale of the fixed network but “continues to believe that the sale of the Tim network should have been the subject of a vote at the meeting because it is an essential asset whose transfer modifies the corporate structure and purpose of Tim”. For this reason, Vivendi intends “to challenge this decision".
Vivendi vs. Tim: What the French Shareholders Asked
The French group "had deduced, as defects of this resolution, the conflict with the corporate purpose, the violation of the competence of the directors, the failure to call an extraordinary meeting, the conflict of interests". The judges, however, in the ruling declared Vivendi's requests inadmissible "due to lack of interest in bringing proceedings" and "lack of legitimacy to act".
The French of Vivendi, the first shareholder of the Italian group with over 23% of the capital, had essentially asked the Court of Milan to annul the resolution of the board of directors with which it had been Netco fixed network sold to US fund Kkr, without going through the extraordinary meeting.
The last hearing of the civil case in Milan was held on November 14th and after 60 days the judges filed the verdict. For Tim that choice of sell the landline it had been a management act that did not provide for changes to the corporate purpose, nor a vote by the extraordinary assembly.
Vivendi vs. Tim: the reaction on the stock exchange
Tim reacts in Piazza Affari following the rejection of the appeal: the stock, in fact, shortly before 11 am lengthens its stride and, after a weak start, gains 1,45% to around 2,26 euros.
