PARIS, February 24 (Reuters) – The largest shareholder of Telecom Italia, Vivendi, said Sunday that would support a merger between the Italian operator and an Open Fiber in the stable network if the conditions were met.
"For Vivendi, the fixed network is at the heart of creating TIM value," reads a document available on the French group's website.
"Vivendi is willing to support the merger of Open Fiber and TIM if the conditions are good and fair in an operational, financial and regulatory position and if this combination is overseen by a board that is & Is managed by independent directors ".
March 29 TIM's general meeting is to vote on the Vivendi proposal to abolish five of the board members' directors from the Elliott Activists Fund list and put five independent directors in place, Vivendi said in a statement. press release.
"The negligence of the board of directors appointed by Elliott has weakened the financial position of TIM," added the French media and entertainment group in the document. "The value for the shareholders has destroyed and the risks have increased".
The Italian telecommunications operator, who has a debt of more than € 25 billion, is at the heart of a battle between his two main shareholders, the French Vivendi and the Elliott fund that argues about ways to recover.
The operators fund promotes a partition of the TIM network and merged with Open Fiber – an idea also protected by the Italian government – while Vivendi wants to see the group retains control from a main asset. (Caroline Pailliez, edited by Matthieu Protard)