Italian Government Uses ‘golden Power’ To Challenge Vivendi Control Of TIM
Piergiorgio PELUSO. Head of Administration, Finance and Control. TIM S.p.A. ... means the Vivendi S.A. a limited liability company (socit anonyme) ... Telecommunications operators have generally faced challenging market conditions in recent ... veto power by the Italian Government (including through the imposition of.... TIM confirms appeal over Vivendi position. 21 Sep 2017. Italy ... a regulatory ruling that says French firm Vivendi has de facto control of the Italian telco. ... The Italian government could also choose to use 'golden powers' which allow it to veto.... Frances Vivendi, the biggest investor in Telecom Italia (TIM), has filed an appeal to Italys head of state against the governments so-called golden power decree, a source with knowledge of the matter said on Tuesday. Like Vivendi, TIM filed a similar appeal at the end of .... ROME, May 23 (Reuters) - An Italian court extended on Thursday the suspension of a 74.3-million-euro ($82.69 million) fine against Telecom Italia for failing to notify the government its main shareholder Vivendi had effective control, a preliminary court ruling said.. The declining relationship with the Italian government, ... We welcome Elliott's intention to challenge Vivendi's direction and ... Vivendi can use and has used control of TIM to generate profits ... No Golden Power Notification - the law requiring companies to notify the government of activities deemed to.... The government, in particular, decided to exercise the golden power after the Italian financial services authority Consob ruled that Vivendi had reached a position such to hold a de facto control of Telecom Italia-TIM via a 24% stake and two-thirds of the company's board members, a finding that Vivendi challenged in .... ... has challenged the way TIM's biggest shareholder, France's Vivendi, ... Italy's power grab at Telecom Italia leaves investors with two messy ... government and Rome eventually used its so-.... On 16 October 2017, the Italian government notified Telecom Italia that it had exercised its golden power amid concerns about French media group Vivendi's control over the Italian telecoms incumbent. ... Both decisions were met with legal challenges from Telecom Italia and Vivendi, meaning that.... third party to use any statements or information which are described as having ... Vivendi controls TIM despite owning just 24% of voting rights and with an ... Elliott believes a constructive approach with the Italian government and ... No Golden Power Notification - the law requiring companies to notify the...
TIM has lost a quarter of its market value since Vivendi first took a stake in ... and Rome eventually decided to use its so-called "golden powers" to ... The French company is also facing a challenge from activist hedge ... To increase its influence, the government bought a 4.262 percent stake in TIM through its.... The Italian government has taken the unprecedented step of approving the use of its golden power over Telecom Italia in response to Vivendi's growing ... Vivendi's control over Sparkle, the sub-sea cable division of TIM that.... ROZZANO, Italy French media group Vivendi lost de facto control of ... Tim Vice President Franco Bernabe', right, talks with Tim CEO Amos ... the long-running fray, activating the rarely invoked golden power to protect strategic assets. ... The Italian government last year moved to protect Telecom Italia.... However, "it is not seeking to and will not seek control of Telecom Italia." TIM Chairman Arnaud de Puyfontaine, who is also Vivendi's CEO, said the company ... Finally, news flow on Elliott could add some speculative appeal," Mediobanca ... Italy's government eventually used the so-called "golden power" last year to ensure.... To blunt Vivendi's clout, in 2017 it invoked Italy's golden power, a law entitling it to intervene in strategically important sectors, including telecoms. Cassa Depositi e Prestiti, Italy's state-controlled investment vehicle, this year doubled its stake in TIM to 9.8%.. TIM is currently facing significant challenges. ... Elliott doesn't want to control TIM1, Elliott is just a shareholder1 ... Elliott trusts shareholders will join it in setting the right conditions [] ... public positions: in 1999, he was appointed by the Prime Minister as special representative of the Italian government.. It looks like the Italian government has decided Vivendi is being too cheeky in its attempts to control operator TIM without going to the trouble of.... Italy court extends suspension of TIM fine over Vivendi control. ... October 2017 the so-called "golden power", allowing the government to veto ... HC and are challenging that the government can't charge indirect tax for doing its duty. ... GSMA study reveals gender gap in mobile internet usage Continue to.... However, "it is not seeking to and will not seek control of Telecom Italia." TIM Chairman Arnaud de Puyfontaine, who is also Vivendi's CEO, said the company ... Finally, news flow on Elliott could add some speculative appeal," ... Italy's government eventually used the so-called "golden power" last year to.... Vivendi has reportedly written to the Italian prime minister's office in an ... off the threat of the Italian government wielding its so-called 'golden power' to veto ... pointed out that Vivendi has not merged with TIM or challenged its remit and ... markets regulator CONSOB that it does not exercise control over TIM,.... Regulator: Vivendi has de facto control of TIM ... The Italian government could also choose to use 'golden powers' which allow it to veto ... According to a report from Reuters, Vivendi plans to appeal the regulator's decision.
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