"Currently it's not on the agenda ... but, as I said, never say never," CEO Arnaud de Puyfontaine told reporters on the sideline of the Ambrosetti business forum in northern Italy.

Vivendi recently became one of Telefonica's top 10 shareholders, with a stake of around 1 percent, after agreeing to swap shares in the Spanish telecom operator's Brazilian unit for those of the parent company.

Vivendi is also the largest shareholder in the Italian telecoms incumbent with a 15 percent stake.

Dismissing speculation in the local press, de Puyfontaine said Vivendi had no interest in Italian broadcaster Mediaset.

(Reporting by Gianluca Semeraro and Paola Arosio, writing by Valentina Za, editing by Isla Binnie)

Stocks treated in this article : Vivendi, Telefonica SA, Telecom Italia SpA, Mediaset SpA