Telecom Italia: Elliott raises stake; pressures Vivendi

(CercleFinance.com) - Hedge fund Elliott said on Monday that it has raised its stake in Telecom Italia to about 9% of the group's capital, from 5.
75% previously, and has stepped up pressure on TIM's main shareholder, France's Vivendi.

The activist investor released an investor presentation, stating that "poor stewardship" under Vivendi's reign has resulted in corporate governance issues, a valuation discount and "no clear strategic path."

Elliott said shareholders have the opportunity to unlock value at the Italian telecoms group by electing a board composed of "truly independent directors."

Last week Vivendi, which owns under 25% of the total share capital, proposed ten candidates, including five independent directors, to renew the company's board.



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