“All the things like golden powers... will disappear out of the window,” a Vivendi spokesman said on the sidelines of a shareholder meeting.
On Friday activist fund Elliott secured two thirds of TIM’s board seats after a shareholder vote, beating out top investor Vivendi.
The Italian government considers TIM of strategic national importance. Last year it used its golden powers to ensure it had a say in some strategic decisions at the former phone monopolist.
The spokesman said Elliott had won the vote on Friday because of support from state lender CDP, which holds a stake in TIM.
“It’s not a market-driven victory because it’s a government owned agency which tilted the vote in favour of an American hedge fund instead of a long term industrial shareholder,” he said.
Reporting by Agnieszka Flak, writing by Stephen Jewkes