\tItalian state lender CDP spent \u20ac960 million to increase its stake in Telecom Italia, as activist investor Elliott Management urged the operator\u2019s shareholders to back its strategy ahead of a crunch meeting later this month.<\/p>\n
A filing with the US Securities and Exchange Commission, showed CDP has now amassed 1.32 million Telecom Italia shares, increasing its stake from 7 per cent to 8.7 per cent. Reuters reported the state lender is eager to hold a 10 per cent stake in time for the operator\u2019s next shareholder meeting, scheduled for 29 March. [1]\n
The long-awaited meeting is set to determine the long-term composition of Telecom Italia\u2019s board, after the operator\u2019s largest shareholder Vivendi requested the removal of five board members appointed by Elliott Management in favour of candidates it put forward.<\/p>\n
Vivendi owns around 24 per cent of Telecom Italia, while Elliott Management holds just under 10 per cent.<\/p>\n
The latter took control of the operator\u2019s board from Vivendi in May 2018, appointing two-thirds of the board. Its move was aided by CDP, which at the time held a 5 per cent stake in the operator.<\/p>\n
In a statement released today (11 March), Elliott Management turned up the heat on shareholders, as the meeting draws closer.<\/p>\n
\u201cElliott\u2019s presentation outlines the clear choice facing shareholders at the upcoming shareholder vote on 29 March: a choice between stability and the continued recovery of company value, or a return to Vivendi\u2019s poor stewardship with its broken promises, track record of prolonged and pervasive value distraction and contempt for good governance.\u201d<\/p>\n
Elliott Management continued to state that Vivendi\u2019s nominees for board election are \u201cunsupportable” and “lack true independence\u201d.<\/p>\n[1] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/vivendi-dealt-another-blow-in-tim-boardroom-battle\/<\/p>\n","protected":false},"excerpt":{"rendered":"
Italian state lender CDP spent €960 million to increase its stake in Telecom Italia, as …<\/p>\n
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