Elliott Management Raises Telecom Italia Stake to 9.4%
31 Gennaio 2019 - 6:38PM
Dow Jones News
By Max Bernhard
Telecom Italia SpA (TIT.MI) shares ended higher Thursday after a
filing showed U.S. hedge fund Elliott Management Corp. raised its
stake in the Italian telecommunications company to 9.4% from
8.8%.
Telecom Italia shares closed 5% higher at EUR0.49.
In a filing with the U.S. Securities and Exchange Commission,
Elliott said it believes Telecom Italia's shares are undervalued
and the separation of its fixed-line access network could enhance
shareholder value.
Elliott has been in a monthslong tussle with Telecom Italia
shareholder Vivendi SA (VIV.FR), which has criticized the company's
governance and has been pushing to replace board members backed by
Elliott.
"Any change in composition of the board at this juncture would
be detrimental to the execution and delivery of the issuer's
anticipated value-creation plans," Elliott said in the filing.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
January 31, 2019 12:23 ET (17:23 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Grafico Azioni TELECOM ITALIA SPA CL A (NYSE:TIA)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni TELECOM ITALIA SPA CL A (NYSE:TIA)
Storico
Da Ott 2023 a Ott 2024
Notizie in Tempo Reale relative a TELECOM ITALIA SPA CL A (Borsa di New York (NYSE)): 0 articoli recenti
Più TELECOM ITALIA SPA CL A Articoli Notizie