Vivendi’s Challenge to Tim’s Sale of Netco Rejected by Milan Court

AMilan: A Milan court on Tuesday declared that it has dismissed Vivendi’s legal challenge against Tim’s sale of the Netco fixed network to the US fund KKR, labeling the challenge as “inadmissible”.

According to Ansa News Agency, the French group Vivendi, which is Tim’s leading shareholder with a stake exceeding 23%, had requested the Milan court to annul the board of directors’ decision to sell Netco. Vivendi argued that the sale should not have been finalized without convening an extraordinary shareholders’ meeting.

Tim maintained that the sale of the fixed-line network was a strategic management decision that did not alter the company’s objectives, thereby negating the need for a vote in an extraordinary shareholders’ meeting.