Elliott Welcomes Withdrawal of Motion to Oust Telecom Italia Board
29 Marzo 2019 - 6:19PM
Dow Jones News
By Nathan Allen
Elliott Management Corp. said Friday that it welcomes Vivendi
SA's (VIV.FR) decision to withdraw its request for Telecom Italia
SpA's (TIT.MI) shareholders to vote out the Italian telecom
company's board.
Shareholders had been due to vote today on a motion to force out
five Elliott-backed directors--including Chairman Fulvio Conti--and
replace them with candidates chosen by Vivendi.
But earlier this morning Vivendi withdrew the motion without
providing any further details.
The move marks a potential easing of tensions between Vivendi
and Elliott, Telecom Italia's two top shareholders, which have been
locked in a prolonged struggle over the company's direction.
Elliott said the withdrawal is a clear sign that Vivendi
recognizes the broad support for Telecom Italia's current board,
describing the decision as a victory for shareholders that paves
the way for stability and value creation.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
March 29, 2019 13:04 ET (17:04 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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