French billionaire Vincent Bollore has said that Vivendi, the media conglomerate he owns, will keep its investments in Italy, in spite of the various challenges it had encountered in the country.
Vivendi has promised to build a southern European media powerhouse through strategic partnerships and a series of acquisitions in Italy, including taking up stakes in Telecom Italia (TLIT.MI) and broadcasting group Mediaset (MS.MI).
The Paris-based media conglomerate recently lost control over the board of the former Telecom Italia monopoly, in which Vivendi owns around 24%, following a campaign by Ellott, a U.S. activist fund.
Vivendi has also threatened to call a fresh shareholders meeting to change the current board.
Vivendi is also the second-biggest shareholder in Mediaset (MS.MI), with which it had planned to form an alliance between their respective pay-TV groups. The two groups are in a legal dispute and the plans did not follow through.
“Italy is not a done deal yet,” Bollore said on Friday at the annual shareholder meeting of his conglomerate holding company.
“It’s a deal that will eventually bear fruit,” he added. “I continue to believe that what is going on there is interesting.”