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

Milan court: A Milan court on Tuesday dismissed Vivendi’s legal challenge against Tim’s sale of its Netco fixed network to the US fund KKR, deeming the challenge “inadmissible.”

According to Ansa News Agency, Vivendi, a French group and the largest shareholder of Tim with a stake exceeding 23%, had requested the court to annul the resolution by Tim’s board of directors to sell Netco. Vivendi argued that this sale should have been subjected to an extraordinary shareholders’ meeting.

Tim defended its decision by stating that the sale of the fixed-line network was a strategic management decision that did not alter the company’s overarching objectives. Therefore, Tim maintained that an extraordinary shareholders’ meeting was not warranted for this transaction.