Vivendi's chairman brushes off criticism over investment in Telecom Italia

Vincent Bollore, Chairman of the Supervisory Board of media group Vivendi, attends the company's shareholders meeting in Paris, France, April 19, 2018. REUTERS/Charles Platiau

PARIS (Reuters) - Vivendi's chairman and top investor Vincent Bollore brushed off criticism over the media group's investments in Telecom Italia (TIM) on Thursday.

The French media group, which holds a stake of 24 percent in TIM, faces the opposition of U.S. activist fund Elliott, which is asking for substantial changes at the TIM board.

"We don't count the chickens until they're hatched," Bollore said at Vivendi's annual shareholder meeting in Paris.

Vincent Bollore, Chairman of the Supervisory Board of media group Vivendi, speaks during the company's shareholders meeting in Paris, France, April 19, 2018. REUTERS/Charles Platiau

"I had the same story when we entered in Mediobanca a few years ago," he added, referring to the investment made by his family-controlled group in the Italian investment bank. Bollore Group currently owns close to 8 percent in Mediobanca.

"Some people said it was an absurd investment, but at the end of the day, we earned a lot of money," said Bollore.

Yannick Bollore (C), Chairman and Chief Executive Officer of Havas Group, attends the media group Vivendi company's shareholders meeting in Paris, France, April 19, 2018. REUTERS/Charles Platiau

(Reporting by Mathieu Rosemain; Editing by Sudip Kar-Gupta)

Yannick Bollore, Chairman and Chief Executive Officer of Havas Group, speaks at the media group Vivendi company's shareholders meeting in Paris, France, April 19, 2018. REUTERS/Charles Platiau

Vincent Bollore, Chairman of the Supervisory Board of media group Vivendi, takes pictures with his mobile phone while attending the company's shareholders meeting in Paris, France, April 19, 2018. REUTERS/Charles Platiau