Rome Court Extends Suspension Of TIM’s EUR 74 Million Fine Over Vivendi Control

An administrative court in Rome has decided to extend the suspension of a EUR 74.3 million fine imposed on Telecom Italia (TIM) for flouting golden power rules, reports Reuters. TIM was handed the fine for failing to notify the prime minister’s office that French media group Vivendi, its top shareholder, had taken over de facto control of what the government viewed as a strategic national asset. The court has now extended the ruling of the preliminary court until at least 30 November.

Vivendi remains TIM’s largest shareholder with a 24 percent stake but last year informed Italian markets watchdog Consob that it doesn’t control the operator after activist fund Elliott succeeded in its bid to seize two-thirds of the company’s board seats back in May 2018.―Telecompaper