French media giant Vivendi is expected to announce next week it is raising its stake in Telecom Italia to 14.9 per cent and will likely get two board seats, according to a source close to the situation.
The announcement could be made as early as tomorrow, the source said.
A Vivendi spokesman declined to comment last night.
Vivendi, which also owns Universal Music Group and Canal+, is on track to become Telecom Italia’s largest shareholder when it receives an 8.3 per cent stake as part-payment for selling Brazilian broadband group GVT to Spanish carrier Telefonica.
Citing people familiar with the matter, Reuters reported last week the French media group planned to lift its stake to 10-15 per cent, as Telefonica and three Italian financial institutions dissolve the investment vehicle through which they controlled Telecom Italia since 2007.