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Italian market watchdog Consob ruled that Vivendi<\/a>, TIM<\/a>'s top shareholder with a 24% stake, took control of two-thirds of the Italian phone company's board in 2017.
Activist fund Elliott eventually wrested control from Vivendi the following year.
In 2020, Italy's top administrative court annulled the resolution of Consob, which subsequently appealed that decision.
Vivendi declined to comment. Consob did not immediately respond to a request for comment.
The supreme court's ruling came as Vivendi is calling for governance changes in Telecom Italia<\/a> to better reflect the relative weight of shareholders.
The ruling, published on Tuesday, could give the French group the option to present its own list of candidates to win TIM's board control without being compelled to consolidate the former phone monopoly's financial accounts, including its 25.5 billion euro debt pile.
At present, no Vivendi's representative sits on TIM's board of directors, after the French group's CEO left his seat earlier this month.
In 2021, Vivendi and Italy's state lender CDP both backed a slate of candidates presented by TIM's board.
The French group will resume talks on Thursday with the government and Telecom Italia's No.2 investor CDP, over a revamp of the former phone monopoly centred on an asset split.
Parties involved in the talks failed to find common ground on key issues in a first round of negotiations in December, with asset valuations, debt and staff allocations remaining key issues, sources have said.
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意大利最高法院主张无效的统治威望迪蒂姆的控制
意大利市场监管机构裁定,威望迪Consob蒂姆的最大股东,持股24%,控制了三分之二的意大利电话公司董事会在2017年。
意大利Consob市场监管机构裁定维旺迪,蒂姆的最大股东,持股24%,控制了三分之二的意大利电话公司董事会在2017年。
维权基金从次年威望迪艾略特最终掌控。
2020年,意大利最高行政法院废止的分辨率Consob后来对这一决定提出上诉。
威望迪拒绝置评。Consob没有立即回复记者的置评请求。
最高法院的裁决是威望迪呼吁治理的变化意大利电信为了更好地反映股东的相对权重。
周二发布的判决,可以给这家法国集团选择展示自己的候选人名单赢得蒂姆的董事会控制没有被迫巩固前电话垄断的金融账户,包括其255亿欧元的债务。
目前,没有威望迪的代表坐在蒂姆的董事会,这家法国集团首席执行官后本月早些时候离开了他的座位。
2021年,威望迪和意大利国家银行CDP都支持候选人提出的蒂姆的董事会。
这家法国集团与政府周四将恢复会谈,意大利电信的CDP第二大投资者,在改造前的电话垄断集中在资产分割。
参与谈判的各方在关键问题上未能找到共同点在12月第一轮谈判中,资产估值,债务和人员分配剩下的关键问题,消息人士说。
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