TIM: Elliott says Vivendi comments are 'misleading'

(CercleFinance.com) - US hedge fund Elliott has described comments by French entertainment and telecoms conglomerate Vivendi last week that questioned TIM's management as "misleading".


In a statement, Elliott said that TIM's former controlling shareholder seems to have fallen prey to the "short-termism" it had previously deplored.

According to the activist investor, Vivendi falsely asserts that Elliott "promised” that TIM's share price would double, while Elliott said it did not make "promises" to the market.

"Elliott encourages TIM shareholders to give the new board time to show that they can create value for TIM shareholders in what is obviously a difficult environment for Italian stocks and Telcos in general," it said in the statement.

In May, TIM's shareholders appointed a new board of directors, with 10 members presented by Elliott being elected. Just five directors were elected from the slate presented by Vivendi.

Since May, TIM shares have dropped by over 36%.

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