"What I read is not a reality of the moment," Arnaud de Puyfontaine said on Friday on the sidelines of a conference.
Vivendi is Telecom Italia's leading shareholder.
Last May activist fund Elliott wrestled board control from the media giant after a two-month campaign to shake up the way the French group had been running the former telecoms monopoly.
(Reporting by Massimiliano Di Giorgio, writing by Stephen Jewkes)