Vivendi has denied reports that it is willing to sell its 24 per cent stake in Telecom Italia (TIM) to facilitate its plan to form a European media conglomerate that would include Italy’s Mediaset.

Selling TIM, valued at just over €3 billion, would ease Italian regulators’ concerns over the French media company’s influence in the country, according to Bloomberg.

Responding to the story, a Vivendi spokesman said it wasn’t in the company’s plans to sell its Telecom Italia stake and that it intends to remain a shareholder in the Italian operator.

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