Vivendi: worried about TIM's bad management

(CercleFinance.com) - In a statement released on Wednesday evening, Vivendi, Tim's - Telecom Italia's - largest shareholder, with 24% of the shares, is "deeply concerned by Tim's disastrous management since Elliott took control of its board of directors following the AGM of 4 May.


Vivendi thus points to a dismal stockmarket performance, with the share price falling by about 35% since the AGM, saying that the share price has reached its lowest level for 5 years while in its position paper released on 9 April, Elliott promised that the share price would double in the next two years.

Moreover, Vivendi believes that the new governance is failing: the spread of rumours (including the departure of the CEO) is leading to malfunctioning that is detrimental to TIM's smooth running and results.
Vivendi nevertheless says that it is still convinced by Telecom Italia's significant development potential.


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