There's major upheaval at French conglomerate Vivendi, as CEO Jean-Bernard Levy departs following a "strategy dispute" with the group's supervisory board, reports Reuters. Also, Michael Combes, whom Levy had poached from Vodafone Group plc to take the helm of beleaguered mobile unit SFR, will now no longer be coming to Vivendi, and human resources head Stephane Roussel will take the role instead. (See Euronews: Vivendi Vexed Over Free Ride and Vodafone Sells SFR Stake for $11B.)
A big noise at Moody's Investors Service says that Telefónica's close ties to economically ravaged Spain could spell trouble for the operator, reports Bloomberg. Carlos Winzer, senior vice president at the influential ratings agency, said: "Capital markets still perceive Telefónica as a Spanish company holding the sovereign risk." (See Telefonica Restructures, Creates New Units.)
TeliaSonera AB has sent a warning shot to Turkcell Iletisim Hizmetleri A.S. -- in which it holds a 38 percent stake -- over the latter's failure to hold an AGM and distribute dividends due to its shareholders. The Nordic group blames Cukurova, one of the other main shareholders, for the hold-up.
— Paul Rainford, Assistant Editor, Europe, Light Reading
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