The Court of Milan has rejected Vivendi’s challenge to the sale of TIM’s network assets to KKR, but the French company remains determined to continue its legal fight. The court dismissed Vivendi’s case on a technical ground, ruling that the company did not have standing, as it had not declared its voting intentions in a potential shareholders’ meeting.
Vivendi disagrees with this assessment and intends to appeal, maintaining that the sale was improperly handled and should have been subject to a shareholder vote, given the importance of the assets involved.
Despite the court ruling, Vivendi argues that the sale, which TIM completed several months ago, could have significant implications for the company’s direction and structure. Vivendi’s opposition stems from concerns over the sale’s pricing and the potential changes to TIM’s corporate purpose, which it believes should require shareholder approval.
While the outcome of the legal battle remains uncertain, Vivendi’s ongoing efforts may also signal broader strategic moves regarding its 24% stake in TIM. The possibility of selling this stake has been a topic of speculation, with investors such as CVC Capital Partners, Bain Capital, and Apax Partners reportedly interested. However, there is no concrete development yet regarding such a deal.
Vivendi is also reportedly seeking a premium price for its stake in TIM, which is currently trading at around €0.26 per share. However, analysts suggest that convincing a buyer to pay Vivendi’s desired price of €1 per share could prove difficult.
The outcome of the legal case, combined with the uncertainty surrounding Vivendi’s stake, leaves the future of both the company and its involvement in TIM unclear.