Vivendi to book 4.2 billion euro pre-tax gain on GVT sale

29 May 2015 | Author: | No comments yet »

Argentina Approves Breakup of Telecom Italia’s Largest Investor.

Telecom Italia SpA’s largest investor won approval from Argentina’s competition regulator to unravel an eight-year holding pact, clearing the way for Vivendi SA to take a stake in the Italian carrier. Telco, which owns 22.4 percent of Telecom Italia, was set up in 2007 as the carrier sought to fend off a takeover bid from AT&T Inc. and Carlos Slim’s America Movil SAB.

The green light from Argentine regulator CNDC is the final step that allows its investors, including Telefonica SA, to exercise their rights to sell. “The demerger will materialize through the transfer to four new companies, each owned by Telco’s actual shareholders,” CNDC said in a document dated May 22. Argentina’s regulator had a say in the ownership structure of Telco because of concerns about the domestic competition between Telefonica and Telecom Italia.

Telefonica, the leading investor in the vehicle, will be replaced by Vivendi as part of deal last year when the Spanish carrier agreed to buy the French company’s Brazilian broadband unit GVT.

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