Telecom Italia Board Considers Elliott's Proposed Agenda Changes Unlawful
April 10 2018 - 2:03AM
Dow Jones News
By Alberto Delclaux
Telecom Italia SpA's (TIT.MI) board of directors has rejected a
request made by activist investor Elliott Management Corp. to
nominate six board members at its April 24 annual general
meeting.
After a meeting on Monday night, Telecom Italia's board--with
five contrary votes--said it considers the proposed change to the
AGM's agenda unlawful, overturning a decision made by the board of
statutory auditors. The board added that it is prepared to take
legal action to protect the company.
The ongoing tussle between shareholders Vivendi SA (VIV.FR) and
Elliott resulted in the resignation of eight Vivendi-affiliated
board members in late March, forcing a complete reshuffle of the
board.
Telecom Italia previously called a shareholders' meeting for May
4 to vote on a new board, but then Elliott made a request to
nominate six board members at the AGM and said that if shareholders
supported its proposal, the May 4 meeting needn't take place.
Vivendi holds a 24% stake in the telecom. Elliott on Monday said
it raised its stake to 8.8%.
Late Monday, Telecom Italia confirmed the call of notice to a
separate shareholders' meeting on May 4, to proceed with the full
renewal of the board.
Read more about the Telecom Italia tug-of-war on:
https://on.wsj.com/2GKAIUX
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
April 10, 2018 01:48 ET (05:48 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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