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Vivendi CEO does not rule out raising stake in Telefonica

Reuters

CERNOBBIO, Italy (Reuters) - The chief executive of Vivendi did not rule out on Saturday that the French media group may raise its stake in Spain's Telefonica in the future, but said there was no plan to increase its holding in Telecom Italia.

"Currently it's not on the agenda ... but, as I said, never say never," CEO Arnaud de Puyfontaine told reporters on the sideline of the Ambrosetti business forum in northern Italy.

Vivendi recently became one of Telefonica's top 10 shareholders, with a stake of around 1 percent, after agreeing to swap shares in the Spanish telecom operator's Brazilian unit for those of the parent company.

Vivendi is also the largest shareholder in the Italian telecoms incumbent with a 15 percent stake.

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Dismissing speculation in the local press, de Puyfontaine said Vivendi had no interest in Italian broadcaster Mediaset.

(Reporting by Gianluca Semeraro and Paola Arosio, writing by Valentina Za, editing by Isla Binnie)