by Eric J. Lyman

ROME Tyler Lydon Jersey , Sept. 19 (Xinhua) -- The Italian government is gearing upto use its rare veto power it has over strategic private companiesamid worries that a foreign entity -- French media giant Vivendi --may have quietly amassed a controlling stake in Telecom Italia, theformer Italian state telephone monopoly.

Italian law gives the government what is called a "golden share"or "golden power" to block certain developments for domesticcompanies considered strategic, such as major utilities, transportcompanies, or telecommunications. Use of the power has beenthreatened a handful of times in the past but never actuallyused.

At the center of this case is the concern that Vivendi'sinfluence with Telecom Italia has become too powerful. Vivendi's 24percent stake in the Italian company doesn't surpass any formallimits: a shareholder is only required to notify CONSOB Trey Lyles Jersey , Italy'ssecurity regulator, once its stake in a strategic company surpasses25 percent.

But CONSOB says Vivendi has de facto control over TelecomItalia, exercising influence over the company's operations anddecision making and appointing two-thirds of the Telecom Italiaboard of directors.

"This situation is far more complex than simply determiningwhether Vivendi's stake is above or below 25 percent," RoccoPanetta, an attorney specializing in antitrust issues for Rome'sPanetta & Associati law firm Richard Jefferson Jersey , told Xinhua. "The challenge is tounderstand how Vivendi is using its influence at Telecom Italia,and that is not an easy task."

For its part, Vivendi denies wielding undue influence in TelecomItalia. The company formally notified the government of itsposition in Telecom Italia Sept. 15, but it stressed that itparticipates in only "management and coordination" at the Italiancompany.

"This notification as made voluntarily, and is something noother investor has been compelled to do before this Paul Millsap Jersey ," Vivendi saidin a statement published in the Italian media.

The stakes of the process are very high. If found guilty offailing to notify the government of having acquired a controllingstake in Telecom Italia Vivendi could face a fine of up to 300million euros (360 million U.S. dollars). It could also be forcedto take on some of Telecom Italia's 25 billion euros (30 billionU.S. dollars) in debt, or to sell some of its shares in thecompany.

Vivendi has already been under scrutiny in Italy for taking a29-percent stake in Mediaset, Italy's largest broadcaster. UnlikeTelecom Italia, Mediaset is not considered a strategicbusiness.

Still, AGCOM Nikola Jokic Jersey , the main Italian communications sector regulator,has called on Vivendi to reduce its stake in either Mediaset orTelecom Italia to below 10 percent to avoid holding too muchinfluence in the communications sector.

Vivendi says it is working on a plan to transfer most of itsMediaset shares to a special trust. But that may not be enough.

Meanwhile, tensions between Italy and France are already highafter France took steps to block an Italian company from takingover France's STX Shipyards, something the French governmentconsiders a strategic holding.

"We probably wouldn't be having these problems if it was not aFrench company involved," Raffaele Barberio Malik Beasley Jersey , director of theKey4biz news site, said in an interview.

It is in that context that Carlo Calenda, Italy's minister forindustry, threatened use of the government's veto power to sanctionVivendi and perhaps force it to reduce its stake in the telecomsgiant.

Italian government officials are expected to meet Sept. 25 todebate the situation. Calenda said standing up to Vivendi was amatter of national sovereignty, though he did so without mentioningthe French company by name.

"We are heading toward a period when international economicrelations will become more difficult Kenneth Faried Jersey ," Calenda said in a Sept. 16media briefing. "Italy must maintain the ability to be assertive inorder to defend its own assets." Enditem

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