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| Name | Symbol | Market | Type |
|---|---|---|---|
| Vivendi SE (PK) | USOTC:VIVHY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 12.00 | 11.94 | 11.96 | 8 | 14:32:45 |
From Jul 2019 to Jul 2024
By Nick Kostov
French media conglomerate Vivendi SA won't oppose a share conversion plan that would dilute its holding in Telecom Italia, a person familiar with the matter said Friday.
The approval of Vincent Bollore, Vivendi's chairman, is vital to pass a motion that would dilute Vivendi's stake to around 13% from 20% currently.
Telecom Italia's board Thursday proposed a share conversion that, if approved at a shareholder vote on Dec. 15, would convert Telecom Italia's savings shares--which have no voting rights and command a lower price--into ordinary stock, which have voting rights.
"Vivendi wants to be the biggest shareholder and this would still be the case with this new structure," the person familiar with the matter said, adding that the move made sense for Telecom Italia.
The former Italian monopoly said the share conversion would help to pay down debt, increase the company's free float and simplify its capital structure.
Write to Nick Kostov at nick.kostov@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 06, 2015 09:02 ET (14:02 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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