Telecom Italia Readies Vote on Vivendi Proposal to Oust Five Elliott-Backed Board Members
February 25 2019 - 3:15AM
Dow Jones News
By Olivia Bugault
Telecom Italia SpA (TIT.MI) shareholders will on March 29 vote
on a proposal to remove five of the group's Elliott-backed board
members, Vivendi SA (VIV.FR) said Sunday, in the latest instalment
of the long-running struggle between the France's Vivendi and the
activist investor for control over the Italian telecom.
French media group Vivendi is TIM's largest shareholder and has
been seeking to replace the five board members supported by
Elliott--TIM's second-largest shareholder--with independent
directors.
Vivendi said that its "newly proposed board composition will
re-establish the necessary conditions and safeguards to allow for
proper company governance and deliver on promises."
Vivendi has been urging TIM to convene a shareholders' meeting
to vote on the proposal since December.
Write to Olivia Bugault at olivia.bugault@dowjones.com
(END) Dow Jones Newswires
February 25, 2019 03:00 ET (08:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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