ROME Mike Hughes Black Jersey , Sept. 19 (Xinhua) -- The Italian government is
gearing upto use its rare veto power it has over strategic private companiesamid
worries that a foreign entity -- French media giant Vivendi --may have quietly
amassed a controlling stake in Telecom Italia, theformer Italian state telephone
monopoly.
Italian law gives the government what is called a "golden share"or "golden power" to block certain developments for domesticcompanies considered strategic,
such as major utilities, transportcompanies, or telecommunications. Use of the
power has beenthreatened a handful of times in the past but never actuallyused.
At the center of this case is the concern that Vivendi'sinfluence with Telecom Italia has become too powerful. Vivendi's 24percent stake in the Italian
company doesn't surpass any formallimits: a shareholder is only required to
notify
CONSOB Kirk
Cousins Black Jersey , Italy'ssecurity regulator, once its stake in a
strategic company surpasses25 percent.
But CONSOB says Vivendi has de facto control over TelecomItalia, exercising influence over the company's operations anddecision making and appointing
two-thirds of the Telecom Italiaboard of directors.
"This situation is far more complex than simply determiningwhether Vivendi's stake is above or below 25 percent," RoccoPanetta, an attorney specializing in
antitrust issues for Rome'sPanetta & Associati law
firm Adam
Thielen Black Jersey , told Xinhua. "The challenge is tounderstand how
Vivendi is using its influence at Telecom Italia,and that is not an easy task."
For its part, Vivendi denies wielding undue influence in TelecomItalia. The company formally notified the government of itsposition in Telecom Italia Sept.
15, but it stressed that itparticipates in only "management and coordination" at
the Italiancompany.
"This notification as made voluntarily, and is something noother investor has been compelled to do before
this Stefon
Diggs Black Jersey ," Vivendi saidin a statement published in the Italian
media.
The stakes of the process are very high. If found guilty offailing to notify the government of having acquired a controllingstake in Telecom Italia Vivendi
could face a fine of up to 300million euros (360 million U.S. dollars). It could
also be forcedto take on some of Telecom Italia's 25 billion euros (30
billionU.S. dollars) in debt, or to sell some of its shares in thecompany.
Vivendi has already been under scrutiny in Italy for taking a29-percent stake in Mediaset, Italy's largest broadcaster. UnlikeTelecom Italia, Mediaset is not
considered a strategicbusiness.
Still, AGCOM Mike
Remmers Camo Jersey , the main Italian communications sector regulator,has
called on Vivendi to reduce its stake in either Mediaset orTelecom Italia to
below 10 percent to avoid holding too muchinfluence in the communications
sector.
Vivendi says it is working on a plan to transfer most of itsMediaset shares to a special trust. But that may not be enough.
Meanwhile, tensions between Italy and France are already highafter France took steps to block an Italian company from takingover France's STX Shipyards,
something the French governmentconsiders a strategic holding.
"We probably wouldn't be having these problems if it was not aFrench company involved," Raffaele
Barberio Danielle
Hunter Camo Jersey , director of theKey4biz news site, said in an
interview.
It is in that context that Carlo Calenda, Italy's minister forindustry, threatened use of the government's veto power to sanctionVivendi and perhaps
force it to reduce its stake in the telecomsgiant.
Italian government officials are expected to meet Sept. 25 todebate the situation. Calenda said standing up to Vivendi was amatter of national
sovereignty, though he did so without mentioningthe French company by name.
"We are heading toward a period when international economicrelations will become more
difficult Eric
Kendricks Camo Jersey ," Calenda said in a Sept. 16media briefing. "Italy
must maintain the ability to be assertive inorder to defend its own assets."
Enditem
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