Activist fund Elliott secured two-thirds of Telecom Italia board seats at a shareholder meeting on Friday.

"Vivendi will be extremely vigilant in ensuring that (TIM CEO) Amos Genish receives assurance from the board members presented by Elliott that the 2018-2020 industrial plan can be achieved in its entirety and in all its coherence," it said in a statement.

"Vivendi, which is the largest shareholder holding 23.94 percent of the ordinary shares, reaffirms its long-term commitment to the company and will take all measures necessary to preserve its value and avoid its dismantling," added the French company.

(Reporting by Sudip Kar-Gupta, editing by Valentina Za)