April 15, 2019 / 4:36 PM / 5 months ago

Vivendi remains confident of success in Italy: executive chairman

FILE PHOTO: 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 conglomerate Vivendi remains confident of achieving “success” in Italy, the company’s executive chairman Arnaud de Puyfontaine told Vivendi’s annual shareholder meeting on Monday.

De Puyfontaine was responding to a question from a private shareholder, in which he refuted any suggestion that Vivendi had failed in Italy, where Vivendi is the top individual stakeholder in Telecom Italia but has been embroiled in a tussle with an activist fund regarding the Italian telecoms group.

“Rome was not built in a day,” said de Puyfontaine, highlighting how Vivendi needed to be patient regarding its plans to make a success of its operations in Italy.

Last month, Vivendi offered to withdraw its motion on board member replacements at Telecom Italia, as it took a first step toward ending a bitter dispute with activist fund Elliott that has hobbled Telecom Italia over the past year.

Reporting by Gwenaelle Barzic; Editing by Sudip Kar-Gupta

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