The ongoing spat between Telecom Italia shareholders Elliott Management and Vivendi continued as Elliott flaunted proxy adviser ISS' recommendation to vote against Vivendi's proposals in a statement. ISS backed Elliott by saying it believes Vivendi hasn't made a compelling case to overhaul Telecom Italia's board. Vivendi said Friday it is "extremely concerned" by a report from Telecom Italia's auditors that it says confirms the existence of serious irregularities related to the governance of the company and its board of directors. The comments come ahead of a March 29 meeting at which Telecom Italia shareholders will vote on a proposal to remove five board members backed by Elliott. (patrick.thomas@wsj.com ; (@PatThomas1318)

(END) Dow Jones Newswires

March 11, 2019 18:52 ET (22:52 GMT)

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