Vivendi Gains Telecom Italia Board Seats in Bollore Victory
- Vivendi sought influence while avoiding dilution of its stake
- Succeeded in blocking Telecom Italia stock conversion
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Vivendi SA won a vote of shareholders in Telecom Italia SpA to gain four board seats and succeeded in blocking a management-supported stock conversion, avoiding a dilution of its stake as it seeks more influence over Italy’s largest carrier.
About 53 percent of votes were for Vivendi’s motion to boost the number of directors to 17 from 13, officials said at the meeting Tuesday in Rozzano, near Milan. About 56 percent of the phone company’s shares were represented at the assembly and the proposal needed a majority of those to pass. Vivendi Chief Executive Officer Arnaud De Puyfontaine is among the French media company’s director nominees.