Vivendi increases position in Telecom Italia to 14.9% Vivendi (VIVHY) announced that it has received 1.11B ordinary shares, or 8.24%, of Telecom Italia (TI) in exchange for 4.5% of the share capital of Telefonica Brasil (VIV), in accordance with the option given to it as part of the sale of GVT to Telefonica (TEF). Separately, Vivendi increased its ordinary shares in Telecom Italia from the recently purchased 1.9% with an additional stake of 4.76% purchased on June 22 for a total of 6.66%, representing a global cash payment of approximately EUR1B. Vivendi now owns 14.9% of Telecom Italia’s ordinary shares and has thus replaced Telefonica as the company’s largest shareholder. "This investment represents an opportunity for Vivendi... to expand in a market with significant growth prospects and a very strong appetite for quality content. Vivendi intends to support Telecom Italia over the long term," said the company.