PARIS (Reuters) - Vivendi (VIV.PA)’s chairman and top investor Vincent Bollore brushed off criticism over the media group’s investments in Telecom Italia TLIT.IT (TIM) on Thursday.
The French media group, which holds a stake of 24 percent in TIM, faces the opposition of U.S. activist fund Elliott, which is asking for substantial changes at the TIM board.
“We don’t count the chickens until they’re hatched,” Bollore said at Vivendi’s annual shareholder meeting in Paris.
“I had the same story when we entered in Mediobanca a few years ago,” he added, referring to the investment made by his family-controlled group in the Italian investment bank. Bollore Group (BOLL.PA) currently owns close to 8 percent in Mediobanca.
“Some people said it was an absurd investment, but at the end of the day, we earned a lot of money,” said Bollore.
Reporting by Mathieu Rosemain; Editing by Sudip Kar-Gupta