Telecom Italia Readies Vote on Vivendi Proposal to Oust Five Elliott-Backed Board Members -- Update
February 25 2019 - 11:20AM
Dow Jones News
(Updates with details on Telecom Italia's board)
By Olivia Bugault
Telecom Italia SpA (TIT.MI) shareholders will on March 29 vote
on a proposal to remove five of the group's Elliott-backed board
members, Vivendi SA (VIV.FR) said Sunday, in the latest installment
of the long-running struggle between the France's Vivendi and the
activist investor for control over the Italian telecom.
French media group Vivendi is Telecom Italia's largest
shareholder and has been seeking to replace the five board members
supported by Elliott with independent directors.
Elliott Management Corp.--Telecom Italia's second-largest
shareholder--currently holds 10 out of 15 seats on Telecom Italia's
board, while Vivendi holds the remaining five. The five board
members targeted by Vivendi's proposal includes chairman Fulvio
Conti, the company said.
Vivendi said that its "newly proposed board composition will
re-establish the necessary conditions and safeguards to allow for
proper company governance and deliver on promises."
Vivendi has been urging Telecom Italia to convene a
shareholders' meeting to vote on the proposal since December.
Read more about the imbroglio surrounding Telecom Italia at
https://on.wsj.com/2TlJwWy (WSJ paywall)
Write to Olivia Bugault at olivia.bugault@dowjones.com
(END) Dow Jones Newswires
February 25, 2019 11:05 ET (16:05 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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