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