By Adria Calatayud
Vivendi said it sold Telecom Italia stock on the market, cutting its stake in the Italian telcommunications operator's ordinary shares and voting rights to 18.37% from 23.75% as of Sept. 30.
France's Vivendi, an investment company steered by the Bollore family, said late Friday that it owned 13.19% of Telecom Italia's share capital after the share sale. The investor had previously signaled its intention to sell its shareholding in TIM--as Telecom Italia is known--in good financial conditions.
Vivendi cut its stake below the 20% threshold of TIM's ordinary shares and voting rights on Tuesday and carried out further sales since then, it said. The investor didn't say what its previous position was or how much it raised through the sale.
As of Sept. 30, it held 23.75% of TIM's ordinary shares, according to the Italian company's website. Based on TIM's closing share price on Friday, the stake offloaded by Vivendi was valued at around 239 million euros ($258.6 million).
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
March 24, 2025 02:31 ET (06:31 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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