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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Telecom Italia SpA | BIT:TIT | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.002 | 0.81% | 0.248 | 0.2472 | 0.2494 | 0.2504 | 0.2458 | 0.2462 | 199,112,883 | 17:00:00 |
By Sarah Sloat
Activist fund Elliott Advisors' push for management changes at Telecom Italia SpA (TIT.MI) is motivated by the company's strategic missteps, poor share performance and corporate conflicts of interest, the fund wrote in a letter to shareholders Friday.
On Thursday, Telecom Italia said the fund proposed replacing six board members in a shake-up that would remove managers nominated by Vivendi SA (VIV.FR), including Chairman Arnaud de Puyfontaine.
According to Elliott Advisors, the U.K. arm of Elliott Management, it currently holds more than 5% in ordinary shares of Telecom Italia, comprising financial instruments and a direct stake of more than 3%.
"Poor stewardship under the Vivendi-controlled board has resulted in deeply troubling corporate-governance issues, a valuation discount and strategic failures," Elliott said, calling share-price underperformance "profound and persistent."
In addition to replacing board members installed by Vivendi, which holds almost 24% of Telecom Italia, Elliott wants the Italian company to sell part of its network operation NetCo, dispose or sell part of subsea cable unit Sparkle, reduce leverage and resume dividend payments.
"Telecom Italia is uniquely positioned in the Italian market and operates an outstanding collection of assets that, if properly managed, should produce substantial, consistent returns for its shareholders while providing a vital, high quality public service," Elliott said.
Elliott proposed the new board appointments as part of the agenda for Telecom Italia's shareholders meeting, set for April 24.
Write to Sarah Sloat at sarah.sloat@wsj.com
(END) Dow Jones Newswires
March 16, 2018 04:53 ET (08:53 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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