Vivendi has taken a swipe at Telecom Italia since US hedge fund Elliot took control of the board.
Elliot, which wrested control of the former state-owned company in May had earlier accused the French media giant of serving only its own interests.
In a strongly worded statement Vivendi pointed to a 35 per cent slide in the company’s value since May.
“The new governance team is failing: the spreading of rumors (including the departure of the CEO) is causing dysfunction that is harmful to the smooth operation and results of TIM,” it said.
Vivendi is still TIM’s largest shareholder with 24 per cent of the shares. It says it remains convinced of TIM’s significant development potential.
