By Agnieszka Flak and Gwénaëlle Barzic

MILAN (Reuters). Telecom Italia According to four sources familiar with the matter, Vivendi (OTC) is contemplating pushing for a reshuffle of the board at the Italian telephone group to remove Luigi Gubitosi as the top investor.

The boardroom struggle comes at a pivotal juncture of TIM. TIM will meet on Friday to consider how it should respond to a proposed takeover by U.S. funds KKR worth 33 billion euros (37.1 billion).

Gubitosi resigned last month as chief executive at TIM after investors criticised his performance and poor results. He did not resign as a director of the board, which prevented his successor Pietro Labriola (who is also required to be on the board) from taking over as CEO.

Labriola was the Brazilian head of TIM. He has been promoted to general manger in preparation for a board seat.

Two sources claim that France’s Vivendi will push for a revamp of the board if Gubitosi refuses to resign as a director during Friday meeting.

According to the two men, Vivendi would have to call an extraordinary shareholder meeting in order to appoint a board. This would require board support.

TIM could not be reached immediately for comment.

Vivendi might request an extraordinary shareholder vote to appoint a board. However, this would need to have the approval of the board. Resignation of all directors could trigger a complete board overhaul.

According to two sources, even if a board member decided not to step down, Labriola would still have a place. However, this will likely not satisfy Vivendi which is keen for Gubitosi’s exit.

Vivendi, however, is considering a board reshuffle to help it plan an alternative to KKR to relaunch its group.

Vivendi suffers a loss in capital due to KKR’s proposal. Vivendi has 24% of TIM. France’s media group has spent twice as much to acquire the holding than the KKR offer of 0.505 euros per shares.

One source said that Vivendi has a 24% interest in TIM, and is looking for support from CDP, an Italian state investor, to help with its plans to revamp its board.

CDP was TIM’s second largest shareholder.

($1 = 0.8885 euros)