Vivendi press release
August 07 2017 - 1:04PM
Business Wire
(requested by the Consob pursuant to Article
114, 5th par., of the Legislative Decree February 24, 1998, no.
58)
Regulatory News:
In a letter submitted through the Autorité des Marchés
Financiers (AMF), the Consob requested that Vivendi (Paris:VIV)
issue a press release regarding its stake in Telecom Italia. In
response to this request, Vivendi states the following:
Vivendi confirms that it considers that it does not exercise any
de facto control over Telecom Italia under Article 93 of the
Consolidated Law on Finance and Article 2359 of the Italian Civil
Code given that its participation in Telecom Italia is not
sufficient enough to allow it to exercise, on a stable basis, a
dominant influence at Telecom Italia shareholders’ meetings. In
this respect, all empirical data – including attendance at the
ordinary shareholders’ meetings of Telecom Italia held between June
22, 2015 through May 4, 2017, the shareholdings held by the various
investors and the results of the voting on resolutions –
unequivocally reveal that Vivendi is not in a position to control
Telecom Italia ordinary shareholders’ meetings.
The commencement of the exercise of Telecom Italia’s management
and coordination activities, as provided by Article 2497-bis of the
Italian Civil Code, was recognized by Telecom Italia’s Board of
Directors with reference to the factual and specific circumstances
referred to in its press release issued on August 4, 2017. It shall
not be construed, based on applicable Italian law principles, as
evidence of a de facto control position within the meaning of
Article 2359 of the Italian Civil Code.
The rules governing management and coordination are aimed at
giving public disclosure and assessing the rights and
responsibilities arising from the factual exercise by a shareholder
of an entrepreneurial and leadership activity at a managerial
level, while the rules on de facto control pursuant to Article 2359
of the Italian Civil Code are applicable only in the case of a
stable position of control at shareholders’ meetings, which is not
the case here.
Regarding the existence of a position of control pursuant to
international accounting principles for consolidated financial
statements, Vivendi confirmed in its last financial report (Q1 2017
released on May 11, 2017) that it does not “have the power to
govern Telecom Italia's financial and operating policies, according
to IFRS 10”. The French and Italian markets will be duly informed
should Vivendi come to a different conclusion, which is not
expected at this stage, in connection with Vivendi’s consolidated
financial statements to be published for the first half of
2017.
About Vivendi
Vivendi is an integrated content and media group. The company
operates businesses throughout the media value chain, from talent
discovery to the creation, production and distribution of content.
Universal Music Group is engaged in recorded music, music
publishing and merchandising. It owns more than 50 labels covering
all genres. Canal+ Group is engaged in pay-TV in France, as well as
in Africa, Poland and Vietnam. Its subsidiary Studiocanal is a
leading European player in production, sales and distribution of
movies and TV series. Havas Group is one of the world’s largest
global communications group. It is organized in three main
business units covering all the communications disciplines:
creativity, media expertise and healthcare/wellness. Gameloft is a
worldwide leader in mobile games, with 2 million games downloaded
per day.Vivendi Village, groups together Vivendi Ticketing (in the
United Kingdom, the United States and France), MyBestPro (expert
counseling), Watchever (subscription streaming services), the
venues L’Olympia and Theâtre de L‘Œuvre in Paris, and CanalOlympia
in Africa, as well as Olympia Production. With 300 million unique
users per month, Dailymotion is one of the biggest video content
aggregation and distribution platforms in the world.
www.vivendi.com, www.cultureswithvivendi.com
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