Vivendi Hits Back at Elliott After Telecom Italia Board Backs Chairman
15 Marzo 2019 - 10:12AM
Noticias Dow Jones
By Cristina Roca
Vivendi SA (VIV.FR) hit back at Elliott Management Corp. on
Friday after Telecom Italia SpA (TIT.MI)'s board--which is
dominated by Elliott-backed members--voted Thursday to dismiss an
auditors' report alleging misconduct by the board's chairman.
Telecom Italia's largest shareholder said Chairman Fulvio Conti
shared information with board members appointed by Elliott before
the rest of the board ahead of the ouster of the Italian company's
then chief executive, Amos Genish.
Vivendi called on Telecom Italia's shareholders to install a
"truly independent board," and promised only two of the board
members it would put forward for a new board wouldn't be
independent, and that neither would run for the role of
chairman.
During Telecom Italia's annual general meeting on March 29,
shareholders will vote on a proposal to remove five board members
backed by Elliott.
Vivendi, which has a stake of almost 24% in Telecom Italia, has
been locked in a long-running battle for control of the company
with Elliott, whose nominees form a majority on the Italian
company's board.
Read more about the imbroglio surrounding Telecom Italia at
https://on.wsj.com/2TlJwWy (WSJ paywall) or https://bit.ly/2KuPhKY
(NewsPlus).
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
March 15, 2019 11:57 ET (15:57 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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