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BREAKING NEWS

Vivendi ready to support Telecom Italia, Open Fiber network merger under right conditions

Vivendi ready to support Telecom Italia, Open Fiber network merger under right conditions
FILE PHOTO: The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. REUTERS/Charles Platiau/File Photo -
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MILAN (Reuters) - Telecom Italia's (TIM) main shareholder Vivendi said on Sunday it would back a merger of the fixed network of TIM and its rival Open Fiber if the conditions were right.

In slides, the French media giant said it believed TIM's fixed network was core to value creation.

"Vivendi is ready to support a merger of Open Fiber with TIM if the conditions are right and fair from an operational, financial and regulatory standpoint and overseen by an independent directors-controlled Board," it said in slides.

The future of TIM's fixed network has been a bone of contention between Vivendi and activist investor Elliott which last year seized control of TIM's board.

Elliott is pushing for a merger while Vivendi opposes losing control of TIM's biggest asset.

(Reporting by Stephen Jewkes; editing by Jason Neely)

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