Vivendi remains committed to Telecom Italia: spokesman

Reuters

Published Mar 30, 2020 09:50AM ET

MILAN (Reuters) - Telecom Italia (MI:TLIT)'s (TIM) top shareholder Vivendi (PA:VIV) on Monday confirmed its long-term commitment to the Italian phone group, just days after activist fund Elliott reduced its stake.

Elliott last week cut its TIM shareholding to 6.97% from 9.72%. French media group Vivendi owns 24% of TIM.

"In light of recent events and Elliott's stake reduction, Vivendi confirms its own commitment to Telecom Italia as a long-term industrial investor," a Vivendi spokesman said.