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Vivendi set to appeal regulator ruling over TIM influence

Vivendi set to appeal regulator ruling over TIM influence”

"Vivendi formally contests that interpretation and will appeal to the competent courts", the company said.

French markets watchdog AMF said on Thursday it had asked Vivendi to provide a detailed analysis to explain why it does not believe it controls Telecom Italia. Telecom Italia said it had adjusted net financial debt of 25.1 billion euros ($29.9 billion) at June 30.

Vivendi's role in Italy's telecommunications sector has come under growing scrutiny since the company built up a stake of 23.94 percent in Telecom Italia and took 28.8 percent of the country's biggest commercial broadcaster, Mediaset. In June, Vivendi's chief executive Arnaud de Puyfontaine became Telecom Italia's executive chairman.

An Italian watchdog ruling that Vivendi has de facto control of Telecom Italia has strengthened Rome's hand as it considers using special powers that could trigger asset sales. Telecom Italia also contested Consob's decision.

"Consob has concluded that Vivendi's stake in TIM should be considered a de facto controlling stake", the watchdog said on Wednesday.

France's Vivendi (VIVHY -0.5%) is filing a formal notice with Italy's government saying that it exercises "management and coordination" over Telecom Italia (TI -1.2%), but doesn't control the telecom, contrary to a regulator's ruling that it does have control.

Another issue in the dispute is Vivendi's stake in Italian media firm Mediaset.

According to Reuters, Vivendi has submitted a plan to appease AGCOM, which will see it take a number of measures, including transferring a stake of at least 19.19% of Mediaset shares to an independent vehicle.



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