Exclusive: Vivendi ready to support other investor-backed strategy at Telecom Italia to boost …


MILAN (Reuters) – Telecom Italia’s (TLIT.MI) main shareholder Vivendi (VIV.PA) believes in the phone company’s new strategic plan but is ready to consider any move supported by shareholders to boost its share price, a Vivendi spokesman told Reuters on Monday. FILE PHOTO – The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. REUTERS/Charles Platiau/File PhotoLast week activist fund Elliott Advisors said it had taken a stake in Telecom Italia (TIM) and was ready to replace board members in a drive to improve strategy, value and governance. The spokesman said Vivendi CEO and TIM Chairman Arnaud De Puyfontaine was ready to consider suspending his executive functions at the phone incumbent during the period devoted to this strategic debate. “Elliott Management repeatedly attacks States and companies… and is known for its financial approach focused on short term gains, most probably leading in this case to dismantling TIM,” the spokesman said. Vivendi owns around 24 percent of TIM. Reporting by Agnieszka Flak, writing by Stephen Jewkes
Source: Reuters