(Boursier.com) — Vivendi drops 1% to 9.8 euros this weekend in Paris. According to sources from ‘Reuters’ and ‘Bloomberg’, the French group has filed a complaint with a court in Milan to contest the sale of the fixed telephone network of Telecom Italia (TIM). In its complaint, which benefits from an accelerated procedure, Vivendi asks the court to annul the decision of TIM’s board of directors to sell the network for an amount of 19 billion euros. The complaint does not seek an immediate suspension of the transaction, the sources said.
Vivendi had declared that it would not support the sale of TIM’s fixed telephone network if its fair value was not recognized. The firm has repeatedly indicated that it is opposed to any offer below 30 billion euros. Furthermore, TIM validated this transfer without convening a general meeting of shareholders.
Furthermore, Vivendi is said to be studying various options for its 1.3 billion euro stake in the former Italian telecoms monopoly. According to sources close to the matter cited by ‘Bloomberg’, Vivendi has spoken with advisors to evaluate potential options, including the sale of its nearly 24% stake. Such an operation could be part of a broader overhaul of Vivendi, which announced Wednesday that it plans to split into three parts: Canal+, Havas and a holding company with listed and unlisted stakes in culture, media and entertainment sectors.
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