Telecom Italia CEO held talks with Vivendi in Paris on Thursday
Reuters
Published Feb 08, 2024 20:30
Updated Feb 09, 2024 11:01
By Elvira Pollina
MILAN (Reuters) -Telecom Italia (TIM) Chief Executive Pietro Labriola met with top representatives of the group's main investor Vivendi (EPA:VIV) in Paris on Thursday, two sources briefed on the matter said.
The French media company, which holds a 24% stake in TIM, and Labriola have been at odds over TIM's decision to sell its prized landline grid to U.S. fund KKR in a government sponsored deal worth up to 22 billion euros ($23.68 billion).
The sources described the meetings as "friendly" and "positive" but added that Vivendi's representatives reiterated their disagreement over the network deal, which the French company is challenging in courts.
The French giant, which began building its stake in TIM in 2015, told Labriola it was considering options including selling its shares, in order to cut a nearly 75% loss the French media group faces on its initial investment, the sources said.
Vivendi has repeatedly asked for a higher price for the network and questioned the sustainability of the service business left behind in the country's highly competitive telecoms sector.
The talks took place as Labriola, who is working on a new business plan, is seeking a second term at the helm of the former phone monopoly.
($1 = 0.9289 euros)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.