According to equity analysts at investment bank Exane-BNP/Paribas, the French media conglomerate Vivendi is busy buying up ordinary shares in Telecom Italia (TI).
The bank says that since November 23rd Vivendi has nought 118 million shares in the Italian telco. This takes Vivendi’s stake in TI up from 23.15 per cent to 24.19 per cent. The mandatory bid threshold in Italy is 25 per cent.
The bank says: “We believe Vivendi is taking advantage of TI low share price (vs where it bought it, ie well above €1). We don’t see Vivendi taking the full control of TI but believe it is seeking to maximise its exposure after displaying confidence about TI cost cutting and turnaround prospects.”