Elliott raises Telecom Italia stake to 9.9% - report

Nieuws Algemeen Italië 4 APR 2018
Elliott raises Telecom Italia stake to 9.9% - report

Activist fund Elliott has increased its stake in Telecom Italia (TIM) to 9.9 percent in the wake of its call to replace six Vivendi-nominated board members, including chairman Arnaud de Puyfontaine, with its own candidates, reports La Repubblica. TIM has officially announced that it will supplement the agenda of the upcoming Annual Shareholders’ Meeting to be held on 24 April with Elliott’s motion but the report indicates that Vivendi and funds association Assogestioni are also expected to submit a slate with their board candidates. Shareholders could even request that the board be enlarged from the current 15 members.

In an interview with La Stampa, TIM CEO Amos Genish confirmed that Vivendi’s slate for board candidates will propose Arnaud de Puyfontaine as a non-executive chairman. Vivendi CEO and TIM chairman de Puyfontaine is one of the eight Vivendi-backed board members who announced their resignation on 22 March in a move that apparently forces TIM shareholders to vote on an entire new board at another shareholder meeting called on 04 May.

Categories:

Algemeen

Companies:

TIM,  Telecom Italia,  Vivendi

Countries:

Italië

Tags:

Shareholders & subsidiaries, Corporate strategy, Financial funding

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