Telecom Italia Auditors Ask to Add Elliott's Motion to Shareholders Meeting
March 28 2018 - 6:07AM
Dow Jones News
By Marc Navarro Gonzalez
Telecom Italia SpA (TIT.MI) said late Tuesday that its board of
statutory auditors has requested adding an Elliott
Management-proposed motion to replace six board members to the
agenda of its shareholders meeting on April 24.
The motion requested by activist investor Elliott aims to
appoint Fulvio Conti, Massimo Ferrari, Paola Giannotti De Ponti,
Luigi Gubitosi, Dante Roscini and Rocco Sabelli to Telecom Italia's
board, the company said.
The request came after eight board members affiliated with
Vivendi (VIV.FR) resigned from Telecom Italia's board on March 22,
forcing a complete reshuffling of the operator's board.
The telecommunications company said that the six board members
Elliott wants to appoint would replace exiting members Arnaud de
Puyfontaine--who is chairman of Telecom Italia--Herve Philippe,
Frederic Crepin, Giuseppe Recchi, Felicite Herzog and Anna
Jones.
The company said the decision made by the board of statutory
auditors to add Elliott's request to the meeting's agenda was
unanimous.
Elliott has built a stake of more than 5% in Telecom Italia, and
is pushing for a management shake-up and strategic changes.
Write to Marc Navarro Gonzalez at marc.navarro@dowjones.com
(END) Dow Jones Newswires
March 28, 2018 05:52 ET (09:52 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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