Elliott Has Telecom Italia Stake; May Seek to Replace Board Members

   By Sarah Sloat

Elliott Advisors, the U.K. subsidiary of hedge fund Elliott Management Corp., has accumulated a stake in Telecom Italia SpA (TIT.MI) and may take measures to replace certain board members at the company, a spokesperson said Tuesday.

"In Elliott's view, Telecom Italia's governance, valuation, strategic direction and relationships with Italian authorities would be improved by replacing certain members of the board with new, fully independent and highly qualified directors," the spokesperson said.

Elliott Advisors said its current holding of ordinary shares is below the threshold that would require disclosure in Italy. The fund may further increase its shareholding but doesn't seek control of Telecom Italia, it said.

Elliott said it that in recent months it has "spent significant time and resources" evaluating strategy at Telecom Italia.

The fund also holds savings shares.

Write to Sarah Sloat at sarah.sloat@wsj.com

(END) Dow Jones Newswires

March 06, 2018 12:53 ET (17:53 GMT)

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