Building Rome

7 October 2015 By Neil Unmack, Fiona Maharg-Bravo Follow @unmack1

The French corporate raider has increased his stake in the Italian telco to 20 pct. His recent purchases could be a defensive move to avoid dilution, or to profit from cross-border consolidation. But it could also be part of a more activist plan to shake up Italian pay-TV.

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Vivendi, the French media group, said on Oct. 6 that it had increased its stake in Telecom Italia to 19.9 percent. The group became Telecom Italia’s largest shareholder on June 24 with 14.9 percent of the shares. Vivendi said the total purchase price was 3.05 billion euros, or around 1.14 euros per ordinary share.

“This new investment confirms Vivendi’s intention to support the telecoms group over the long term and to develop its activities in southern Europe,” it said in a statement.

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