(Telecompaper) French media conglomerate Vivendi has confirmed that it has increased its stake in Telecom Italia from its current holding of 15.5 percent to 19.9 percent of the capital. Vivendi has been the Italian operator's largest shareholder since June, when it received 8.24 percent of shares from Telefonica as part-payment for the sale of its Brazilian broadband unit GVT and purchased 6.66 percent of additional shares. The French group subsequently increased its holding to just under 15.5 percent in September and has now raised that stake to just under 20 percent by spending EUR 3.054 billion on the market at a price of around EUR 1.14 per ordinary share. In a statement Vivendi said its new investment served to confirm its intention to support Telecom Italia over the long term and to develop its activities in southern Europe.