Poste agrees broad terms to buy most of Vivendi's Telecom Italia stake, sources say [Yahoo! Finance Canada]
VIVENDI SE UNSP/ADR (VIVHY)
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Source: Yahoo! Finance Canada
The sources said it had now reached a broad agreement with Vivendi to buy most of the French group's 18.4% stake in TIM. They did not disclose the exact stake or price, but two said Poste would remain below the 25% threshold above which, under Italian law, it would have to make an offer for the rest of TIM. Though nothing has been signed, a deal is close to being finalised and an announcement expected soon, the two sources said. Vivendi and Poste declined to comment. TIM is Italy's former phone monopoly and a business of strategic national importance. After spinning off its fixed-line grid last year, TIM could now become involved in the consolidation expected in a sector where profit margins are seen as too thin to finance the required investments. When it first invested in TIM, Poste said it was ready to support it as the industry consolidates. For Rome to preserve a meaningful presence in TIM if it ties up with another telecoms firm, Poste first needs to boost its sta
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