UPDATE 2-Telecom Italia CEO exit raises prospect of Vivendi-led overhaul
* CEO Marco Patuano submits resignation
* Telecom Italia shares rise 4 pct
* Expectations of Vivendi-led overhaul of group (Adds analysts, sources on talks, details)
By Agnieszka Flak and Pamela Barbaglia
MILAN/LONDON, March 21 (Reuters) - Telecom Italia Chief Executive Marco Patuano officially resigned on Monday, confirming reports at the weekend he was on his way out as top shareholder Vivendi tightens its grip on the Italian phone group.
Telecom Italia's shares rose 4 percent, adding to a 20 percent gain in the last month in a sign investors were betting the management change and increased pressure from the French could lead to a radical overhaul of the heavily-indebted firm.
Vincent Bollore's Vivendi had been pressing for cost cuts at Telecom Italia after building up a 24.9 percent stake in what analysts view as part of a wider plan that could also involve Italia broadcaster Mediaset to rival Sky and Netflix in Europe.
"Vivendi is trying to create a southern European media empire," a telecoms banker said, adding the French group was also in talks with Spain's Telefonica on their media interests.
"Bollore's goal is to put France-Italy-Spain together." Continuación...