Vivendi is an activist in Telecom

The prevailing interpretation of the Italian media on the resignation of the chairman of Vivendi, Arnaud de Puyfontaine, from the board of Telecom is that of a step backwards following talks with the Meloni government increasingly determined to support the creation of a telecommunications network under public guidance, as reiterated by the minister Adolfo Urso. In practice, Tim’s first shareholder would have liked to give a signal of his willingness to accept the Palazzo Chigi plan (sale of the network to Cdp). This interpretation, however, overlooks some nuances captured by French newspapers: how would de Puyfontaine, if he remained on the board, explain to Vivendi’s shareholders that he is accepting a solution that risks being disadvantageous for his investment in Tim?