Telecom Italia: Elliott 'not surprised' by Vivendi's move
(CercleFinance.com) - Activist investor Elliott said on Friday it was "not surprised" by the mass resignation of seven board members affiliated to Vivendi from Telecom Italia's board.
"The board has simply abandoned their posts to stall for time," Elliott said, describing the move as "cynical and self-serving."
Being accused by Vivendi of having "short-termist initiatives," Elliott - which has over 34 billion dollars of assets under management - said its investment history in Telecom Italia dates back to 1999, "well before Vivendi became a shareholder in the company."
A shareholder meeting will be held on 4 May, at which TIM shareholders will appoint new board members and decide which policy to follow.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
"The board has simply abandoned their posts to stall for time," Elliott said, describing the move as "cynical and self-serving."
Being accused by Vivendi of having "short-termist initiatives," Elliott - which has over 34 billion dollars of assets under management - said its investment history in Telecom Italia dates back to 1999, "well before Vivendi became a shareholder in the company."
A shareholder meeting will be held on 4 May, at which TIM shareholders will appoint new board members and decide which policy to follow.
Copyright (c) 2018 CercleFinance.com. All rights reserved.