Telecom Italia s top shareholder Vivendi has proposed Luciano Carta, a former chairman at Italian defence group Leonardo to fill a vacant seat on the former phone monopoly s board, two sources. | May 17, 2023
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PARIS (Reuters) - An activist investment fund wants French media group Vivendi to sweeten the planned spinoff of Universal Music Group with an extra cash dividend that would be more advantageous to minority shareholders.
Vivendi, controlled by French tycoon Vincent Bollore, is planning to cash in on its crown jewel - the world s biggest music label, which it has valued at 33 billion euros ($40.43 billion) - as streaming revenues fuel growth.
In a transaction involving an Amsterdam listing, Vivendi aims to distribute 60% of Universal s capital in kind to existing shareholders, which will allow Bollore retain a strong grip on the group.