ROZZANO: Telecom Italia's chairman said he welcomed foreign investors in the Italian phone company as French media group Vivendi prepared to become the largest shareholder.
Shareholders at the former Italian telecoms monopoly also approved changes to board appointment rules that could ensure minority investors get greater representation.
"We reject the logic that foreign investments in Telecom Italia are dangerous: whoever brings capital and know-how contributes to make our company stronger, regardless of whether the investor is Italian or a foreigner," Chairman Giuseppe Recchi told shareholders.
Vivendi, focusing on pay-TV and music after selling off a series of assets, was set to obtain a 8.3 percent stake in Telecom Italia after agreeing to sell its Brazilian unit GVT to Telefonica in a deal which is expected to close this month.
Vivendi's intentions remain unclear. Last week its CEO said that acquiring the stake in Telecom Italia was opportunistic and the French group had no plans to re-enter the telecoms sector.
"Pending ownership developments, the relationship with (Vivendi Chairman Vincent) Bollore today is that with a big media company," Telecom Italia CEO Marco Patuano told reporters.
Asked whether the entry of Vivendi could trigger a board and management reshuffle, he said it was not up to the management to discuss the topic.
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