Telecom Italia Readies Vote on Vivendi Proposal to Oust Five Elliott-Backed Board Members -- Update

(Updates with details on Telecom Italia's board)

By Olivia Bugault

Telecom Italia SpA (TIT.MI) shareholders will on March 29 vote on a proposal to remove five of the group's Elliott-backed board members, Vivendi SA (VIV.FR) said Sunday, in the latest installment of the long-running struggle between the France's Vivendi and the activist investor for control over the Italian telecom.

French media group Vivendi is Telecom Italia's largest shareholder and has been seeking to replace the five board members supported by Elliott with independent directors.

Elliott Management Corp.--Telecom Italia's second-largest shareholder--currently holds 10 out of 15 seats on Telecom Italia's board, while Vivendi holds the remaining five. The five board members targeted by Vivendi's proposal includes chairman Fulvio Conti, the company said.

Vivendi said that its "newly proposed board composition will re-establish the necessary conditions and safeguards to allow for proper company governance and deliver on promises."

Vivendi has been urging Telecom Italia to convene a shareholders' meeting to vote on the proposal since December.

Read more about the imbroglio surrounding Telecom Italia at https://on.wsj.com/2TlJwWy (WSJ paywall)

Write to Olivia Bugault at [e-mail]

(END) Dow Jones Newswires

February 25, 2019 11:05 ET (16:05 GMT)

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