\tTelecom Italia’s auditors rejected a request from top investor Vivendi to bring forward a shareholder meeting by a month, as it seeks to replace five directors on the operator’s board.<\/p>\n
In a statement, auditors said they did not have the necessary powers to convene a shareholder meeting, while confirming it is continuing an investigation into the inner workings of Telecom Italia’s current board, as per Vivendi’s request.<\/p>\n
A shareholder meeting is scheduled to be held on 29 March, but Vivendi asked for that to be brought forward to the end of February, as a boardroom battle for power continues between the French group and activist investor Elliott Management.<\/p>\n
Elliott Management, which recently upped its stake in the Italian operator to 9.4 per cent [1], took control in May 2018 [2] by securing the votes to appoint two-thirds of the board, but Vivendi has been turning up the heat to regain power.<\/p>\n
With a 24 per cent holding, Vivendi is seeking to overhaul the board by replacing five directors appointed by Elliott Management, which it believes will help to turnaround performance.<\/p>\n
Vivendi has accused Elliott Management of operating as as a pure financial investor, serving its own interests and taking advantage of a drop in the operator\u2019s share price.<\/p>\n[1] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/elliott-boosts-tim-stake-ahead-of-vivendi-showdown\/
\n[2] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/vivendi-loses-telecom-italia-board-battle\/<\/p>\n","protected":false},"excerpt":{"rendered":"
Telecom Italia’s auditors rejected a request from top investor Vivendi to bring forward a shareholder …<\/p>\n
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