TIM: tug-of-war continues between Vivendi and Elliott

(CercleFinance.com) - Activist investor Elliott, which owns 9.
5% of Telecom Italia, today issued a new presentation ahead of the Italian telecoms group's upcoming shareholder meeting on 29 March.

In the presentation, Elliott said TIM shareholders face a "clear choice" between stability and the continued recovery of the company, or a return to Vivendi's "poor" track record.

The hedge fund said that it is time to give TIM space to implement its strategy, and noted that the strategic plan that was approved on 21 February represents "an important break from past missteps, focusing on delivery and execution."

Vivendi, of course, did not agree with this statement.

In a press release this morning, the French media conglomerate - which has a 23.9% stake in TIM - pointed out "serious irregularities" related to the governance of the company and its board, of which a majority are now affiliated to Elliott.

Vivendi has prompted TIM shareholders to implement a "truly independent board" at its shareholder meeting of 29 March.

Investors had a hard time choosing sides: the TIM shares are pretty much flat this morning in Milan. They have lost 33% over the past 12 months.

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