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MILAN, May 28 (Reuters) - Argentina's competition watchdog has given a green light to the breakup of the Telco investor group owning 22.4 percent of Telecom Italia, a source close to the matter said on Thursday.
The move paves the way for Vivendi to become the biggest shareholder in the Italian phone group.
The four Telco investors, led by Spain's Telefonica , agreed to unravel the vehicle more than one year ago but were waiting for regulatory clearance to press ahead.
Vivendi said earlier this month it would get 5.7 percent of Telecom Italia once the sale of its Brazilian unit GVT to Spain's Telefonica closed at the end of May.
Other investors in Telco are Italian financial companies Generali, Intesa and Mediobanca. (Reporting by Gianluca Semeraro, editing by Paola Arosio)