(Alliance News) - The Court of Milan has declared Vivendi SA's claims regarding Telecom Italia Spa's sale of the Netco fixed-line network to KKR "inadmissible due to lack of interest in the action" and "lack of standing."
This was stated in a note signed by the president of the court, Fabio Roia, taken up by ANSA on Tuesday.
As the agency explains, the Specialized Civil Section on Enterprise of the Court of Milan, chaired by Angelo Mambriani, filed the "judgment deciding case number 44320/2024" brought by Vivendi against TIM, which had "as its object the declaration of invalidity of the resolution of the board of directors" of the communications group, dated November 5, 2023, of "approval of the offer for the sale of the fixed network submitted by KKR."
The French group "had deduced, as flaws in that resolution, contrast with the corporate purpose, violation of the directors' competence, failure to convene an extraordinary meeting, and conflict of interest."
The judges, however, in the ruling declared Vivendi's claims inadmissible "for lack of interest in bringing action" and "lack of standing."
Vivendi is the telecommunications group's largest shareholder, with more than 23 percent of the capital, and had asked, in essence, the Court of Milan to annul the board of directors' resolution by which the Netco fixed-line network was sold to the U.S. fund KKR, without going through the extraordinary shareholders' meeting.
TIM's stock is up 3.1 percent to EUR0.26 per share while Vivendi's stock gives up 0.8 percent to EUR2.55 per share in Paris.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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