Vivendi takes Telecom Italia stake above 20%

Vivendi has fulfilled its ambition of taking its stake in Telecom Italia above 20%. The French media giant now holds a 20.03% stake in the Italian telco.

“The group reitirates its intention to be a long-term shareholder of the Italian telecoms group and, more generally, to develop Vivendi’s activities in southern Europe,” Vivendi said.

Vivendi has edged its participation in Telecom Italia up in stages since becoming the telco’s largest shareholder with a 14.9% stake in June, as the result of a share exchange related to its exit from Brazilian operator GVT. The company held 19.9% of the Italian telco’s capital by early October.