Italy is readying to levy a fine of upwards of 300 million euros ($359 million) on French mass media company Vivendi (VIVHY) for not alerting the government of its effective control of Italian telecommunications company Telecom Italia (TIM) (TI) , Reuters reports.

Italian government officials will meet on Monday to weigh whether Vivendi should face the penalties on the premise that it failed to live up to legal requirements or inform the prime minister's office that it obtained de facto control of TIM.

"But the fine will be below 300 million euros. One cannot make the companies bleed," according to the report. A precise figure was not provided to Reuters.

Shares of Vivendi were falling over 1% in afternoon trading on Friday. 

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