Telecom Italia chief steps down amid change of strategy at Vivendi
Updated : 15:36
Telecom Italia´s chief tendered his resignation after a tense seven months characterised by a power struggle with French corporate raider Vincent Bollore over the company´s strategy.
Telecom Italia´s chief tendered his resignation after a tense seven months characterised by a power struggle with French corporate raider Vincent Bollore over the company´s strategy, with market observers reportedly left scratching their heads as to the true intentions of the Frenchman.
Bollore was the largest shareholder in French group Vivendi, which seven months before had in turn become TI´s largest shareholder after scooping up 24.9%.
The Italian telecommunications announced Marco Patuano´s decision to exit on Monday afternoon in a short two-sentence statement, subject to the Board´s approval.
Earlier in the session, the Financial Times had reported the announcement might be made on 22 March.
Patuano, a two-decade old veteran of Rome-based TI, was seeking a €7m 'golden boodbye' as part of his exit, the FT said, citing a person close to him.
Monday´s changing of the guard at TI´s helm came amid speculation that Vivendi, under Bollore, might be pursuing a change in strategy, including the acquisition of French video-game maker Gameloft and increasing his stake in the Italian firm.
The French businessman´s overall strategy was understood to consist in amassing power and influence through the acquisition of stakes in firms and then cross-selling into them with his public relations interests, in the form of an approximately 60% stake in French advertising group Havas.
However, also early on Monday Italy´s La Repubblica said Vivendi had reached an "agreement in principle" with Mediaset involving a share-swap between the two firms.
The industrial logic behind that move was thought to be the creation of a content and broadcasting company that could then take on the likes of Netflix in southern Europe, La Repubblica added.
As of 15:35GMT shares in Telecom Italia were trading 3.17% to €1.04.