(Alliance News) - Vivendi on Tuesday announced that it intends to proceed by appealing the decision of the Court of Milan in its legal battle with Telecom Italia Spa.

In fact, the Court declared "inadmissible for lack of interest to act" and "lack of standing" the French's claims regarding the transaction by which Telecom Italia carried out the sale to KKR of NetCo, decided by the board without going through the extraordinary shareholders' meeting.

"Vivendi," the company announced, "takes note of the decision of the Milan court to reject its appeal against the decision of TIM's board of directors regarding the sale of the fixed network.

In a decision issued today, the court considered the request inadmissible for lack of standing, in particular because Vivendi would not have declared its intention to vote if a 'shareholders' meeting was called, without entering into the merits of the case.

As the French company writes, "Recall that on December 15, 2023, Vivendi had filed an appeal against TIM before the court of Milan, requesting the annulment of the resolution adopted by TIM's board of directors on November 5, 2023, approving the sale of the fixed network without submitting it to the shareholders' meeting - nor to the procedure for related party transactions - and requesting the declaration of ineffectiveness of the settlement agreement entered into on November 6, 2023."

Vivendi is the largest private shareholder in TIM with 23.75 percent of the capital.

Despite the rejection of the request by the Milan court on purely formal grounds, Vivendi continues to believe that the sale of TIM's network should have been submitted to a vote of the Shareholders' Meeting, as it represents an essential asset for the company and would entail a change in TIM's corporate purpose.

"For this reason, Vivendi intends to appeal against this decision," the French company's note concludes.

Telecom Italia on Tuesday trades in the green by 2.4 percent at EUR0.2617.

By Maurizio Carta, Alliance News reporter

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