PARIS (Reuters) - French media group Vivendi (PARIS:VIV) is expected to announce next week it is raising its stake in Telecom Italia (MILAN:TLIT) to 14.9 percent and will likely get two board seats, according to a source close to the situation.
The announcement could be made by June 23 or June 24, the source said. A Vivendi spokesman declined to comment.
Vivendi is on track to become Telecom Italia's largest shareholder when it receives an 8.3 percent stake as part-payment for selling Brazilian broadband group GVT to Spanish carrier Telefonica (MADRID:TEF).
Citing people familiar with the matter, Reuters reported last week the French group planned to lift its stake to 10-15 percent, as Telefonica and three Italian financial institutions dissolve the investment vehicle through which they controlled Telecom Italia since 2007.