A Milan court on Tuesday said that it
has rejected Vivendi's legal challenge to Tim's sale of the
Netco fixed network to US fund KKR, ruling it as "inadmissible".
French group Vivendi, Tim's leading shareholder with a stake of
over 23%, had essentially asked the court of Milan to annul the
board of directors' resolution to sell Netco without going
through an extraordinary shareholders' meeting.
Tim said the decision to sell the fixed-line network was a
management move that did not change the company's objectives,
meaning a vote in an extraordinary shareholders' meeting was not
necessary.
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