Vivendi Won't Vote Against Telecom Italia Share Conversion --Source
November 06 2015 - 9:17AM
Dow Jones News
By Nick Kostov
French media conglomerate Vivendi SA won't oppose a share
conversion plan that would dilute its holding in Telecom Italia, a
person familiar with the matter said Friday.
The approval of Vincent Bollore, Vivendi's chairman, is vital to
pass a motion that would dilute Vivendi's stake to around 13% from
20% currently.
Telecom Italia's board Thursday proposed a share conversion
that, if approved at a shareholder vote on Dec. 15, would convert
Telecom Italia's savings shares--which have no voting rights and
command a lower price--into ordinary stock, which have voting
rights.
"Vivendi wants to be the biggest shareholder and this would
still be the case with this new structure," the person familiar
with the matter said, adding that the move made sense for Telecom
Italia.
The former Italian monopoly said the share conversion would help
to pay down debt, increase the company's free float and simplify
its capital structure.
Write to Nick Kostov at nick.kostov@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 06, 2015 09:02 ET (14:02 GMT)
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