Vivendi (VIVHY) , a French media group, told the European Commission today it could "de facto" control Telecom Italia (TI) after it appoints a new board of directors at next month's shareholder meeting, Reuters reports.
Vivendi, Telecom Italia's largest shareholder with a 24% stake, filed a pre-emptive notification to the Commission as it attempts to win two-thirds of the company's board seats.
It will need to first, however, get its list of nominees approved by a majority of shareholders at the meeting in May.
An EU Commission spokesman confirmed that it had received a notification from Vivendi and would resolve the matter by May 12.
"The investigation is ongoing," spokesman Ricardo Cardoso said.