Telecom Italia: Elliott calls for more time
(CercleFinance.com) - Elliott has called for more time so that Telecom Italia's new board and new CEO can execute their strategy and create shareholder value after Vivendi was granted a shareholder meeting in March.
In a statement, the US activist investor says Vivendi's request represents the French company's latest effort to take back control of TIM and run Italy's biggest phone group.
But Elliott believes TIM shareholders should not return the company to Vivendi, after a majority of TIM shareholders rejected Vivendi's corporate governance record eight months ago.
The problem is TIM shares have dropped by over 17% since Elliott took over last summer.
The situation has prompted Vivendi to request that a shareholder meeting would be called to vote upon the dismissal of five directors.
Yesterday, its request was granted, with a meeting due to be held on 29 March.
Elliott is now pleading that TIM shareholders do not return the company to Vivendi, asking for more time to get results.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
In a statement, the US activist investor says Vivendi's request represents the French company's latest effort to take back control of TIM and run Italy's biggest phone group.
But Elliott believes TIM shareholders should not return the company to Vivendi, after a majority of TIM shareholders rejected Vivendi's corporate governance record eight months ago.
The problem is TIM shares have dropped by over 17% since Elliott took over last summer.
The situation has prompted Vivendi to request that a shareholder meeting would be called to vote upon the dismissal of five directors.
Yesterday, its request was granted, with a meeting due to be held on 29 March.
Elliott is now pleading that TIM shareholders do not return the company to Vivendi, asking for more time to get results.
Copyright (c) 2019 CercleFinance.com. All rights reserved.