Telecom Italia: things calm down after Vivendi's decision
(CercleFinance.com) - Things seemed to have finally settled down at Telecom Italia after the major French shareholder Vivendi withdrew its request to dismiss five of the group's directors and appoint five of its directors.
The announcement was made at TIM's ordinary shareholders' meeting last Friday.
Activist investor Elliott said it welcomed Vivendi's decision, seeing a clear sign that the Paris-based conglomerate understands that there is "broad support for TIM's existing independent board."
"This outcome is a victory for the company and paves the way for stability and sustained value creation for all of TIM's stakeholders," Elliott said.
Vivendi - which holds 23,9% of Telecom Italia's capital - has been in a fierce battle with Elliott, which controls the majority of the board.
The TIM shares are currently down 0,7% in Milan this morning. They have rise by over 2.7% over the past month.
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