Vivendi starts legal action against Telecom Italia network sale
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VIVENDI has begun legal action against Telecom Italia’s 22 billion euro (S$32.03 billion) landline network sale, people familiar with the matter said.
The French media conglomerate is challenging Telecom Italia’s decision to go ahead with the disposal of its most precious asset to US-based KKR in a Milan court, the people said, asking not to be identified before an official announcement. Telecom Italia was notified of the lawsuit, they said.
Representatives for Vivendi and Telecom Italia declined to comment.
Telecom Italia agreed last month to sell the network, moving ahead with a plan to slash more than 30 billion euros in gross debt that it’s been weighing for over 15 years.
Paris-based Vivendi, Telecom Italia’s largest investor, is requesting that the court block the deal after the phone carrier’s board approved the sale without calling for a full shareholder meeting.
Vivendi’s legal complaint isn’t unexpected. The French company has repeatedly said it opposed any network offer below 30 billion euros. After Telecom Italia announced the sale, Vivendi pledged to “use any legal means at its disposal” to challenge the decision.
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Vivendi is also considering options for its 1.3 billion euro stake in the former phone monopoly, including a sale, people familiar with the matter said earlier this week. BLOOMBERG
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