Elliott defeats Vivendi in battle for Telecom Italia’s board
Activist investor Elliott has wrestled keep an eye on of Telecom Italia’s board clear of Vivendi, securing the backing of shareholders and throwing the way forward for the Italian provider’s leader govt Amos Genish into doubt.
Elliott’s proposed slate of board nominations was once supported by means of 49.8pc of votes on the peculiar normal assembly on Friday. The slate put ahead by means of Vivendi, Telecom Italia’s biggest shareholder with a 24laptop stake, was once sponsored by means of 47.2pc of shareholders.
This approach ten of the board seats will pass to Elliott’s nominees, with the rest 5 seats to be crammed by means of Vivendi-backed administrators. Elliott have been pushing for keep an eye on of the board, with its new slate of non-executives, announcing that Telecom Italia have been run in the pursuits of Vivendi no longer impartial shareholders and that it must promote down its property.
Elliott, which constructed up a 9pc stake in Telecom Italia forward of the showdown, mentioned: “Today’s landmark vote represents a victory for all shareholders and opens a new chapter for Telecom Italia, in which the company can build upon a foundation of improved governance to secure sustained value creation for all stakeholders.”
Further alternate may well be at the horizon, then again, with Mr Genish telling The Sunday Telegraph ultimate week that, must Elliott prevail in securing two thirds of the Telecom Italia board, his place could be “untenable”.