Telecom Italia and Vivendi
14 Janvier 2019 - 3:47PM
Business Wire
Regulatory News:
Vivendi (Paris:VIV) deplores the time-wasting tactics used by
the Elliott Board members of Telecom Italia (TIM) who have decided
to delay until March 29 the holding of a Shareholders’ Meeting,
contrary to the company’s by-laws and the Italian Civil Code.
Vivendi, after notifying the Board on December 11, 2018 of its
intentions, formally requested on December 14 the convening of a
TIM Shareholders’ Meeting as soon as possible. In response, the
Board first took note of Vivendi’s December 14th request before
announcing on December 21st that it was starting to evaluate it,
deferring a decision until January 14th, and now deciding to hold a
Shareholders’ Meeting more than two months later.
These time-wasting tactics are negatively impacting TIM’s
financial results every day, as is sadly reflected by the more than
40% drop in the share price since May 4, 2018. These tactics
constitute a genuine denial of shareholder democracy and run
counter to the most basic and fundamental principles of good
corporate governance.
Vivendi reserves the right to request the convening of a new
Shareholders’ Meeting this summer if the company’s governance and
financial results do not improve significantly.
About Vivendi
Since 2014, Vivendi has been focused on building a world-class
content, media and communications group with European roots. The
clear and ambitious strategy that was set in motion four years ago
has been successfully executed by the Management Board. First, in
content creation, Vivendi owns powerful, complementary assets in
music (Universal Music Group), mobile games (Gameloft) as well as
movies and series (Canal+ Group), which are the three most popular
forms of entertainment content in the world today. Second, in the
distribution market, Vivendi has acquired the Dailymotion platform
and repositioned it to create a new digital showcase for its
content. The Group has also joined forces with several telecom
operators and platforms to maximize the reach of its distribution
networks. In 2017, a third building block – communications – was
added to this structure, via Havas. Havas possesses unique creative
expertise in promoting free content and producing short formats,
which are increasingly viewed on mobile devices. In addition,
through Vivendi Village, the Group explores new forms of business
in live entertainment, franchises, ticketing and digital technology
that are complementary to its core activities. Vivendi’s various
businesses cohesively work together as an integrated industrial
group to create greater value. www.vivendi.com,
www.cultureswithvivendi.com
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