Telecom Italia SpA (TIT.MI) said Monday that it had received notification from the Italian government that it intends to exercise authority over certain aspects of Telecom Italia's business.
Known as "Golden Power," the measure gives the government special powers to intervene in the affairs of companies in security and national defense sectors.
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The move follows government concerns about French media conglomerate Vivendi SA's (VIV.FR) stake in Telecom Italia. In September, Italy's securities market regulator Consob ruled that Vivendi had de-facto control over Telecom Italia. Vivendi contested the ruling.
Telecom Italia says that it is "examining the measure" and has 90 days to comply with the requirements set forth.
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(END) Dow Jones Newswires
October 17, 2017 02:56 ET (06:56 GMT)