September 14, 2017 / 1:18 PM / a year ago

Vivendi to notify Italy formally it does not control Telecom Italia: source

The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. REUTERS/Charles Platiau/File Photo

PARIS (Reuters) - French media giant Vivendi (VIV.PA) will file a formal notice informing Italian authorities that it exercises “management and coordination” over Telecom Italia (TLIT.MI) but not control, a French source close to the matter said.

That would contradict Italy’s market watchdog which ruled on Wednesday that Vivendi, which owns a 24 percent in the Italian group, had de facto control.

Should the Italian government decide Vivendi does have de facto control it may conclude the preconditions exist for it to exercise “golden powers” which could range from a fine to imposing conditions or vetoing decisions Rome considers a threat to national interests.

Reporting by Gwenaelle Barzic; Editing by Richard Lough

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