Vivendi Urges Telecom Italia to Hold Meeting to Oust Five Elliott-Backed Members, Name Auditors

   By Cristina Roca 
 

Vivendi SA (VIV.FR) said Tuesday that it will urge Telecom Italia SpA's (TIT.MI) board to convene a shareholders' meeting to appoint new financial auditors and replace five board members backed by Elliott Management Corp.

The French media group that is Telecom Italia's largest shareholder issued a statement Tuesday in response to the Italian group's 2019 calendar, released last week, criticizing the board--which is controlled by Elliott--for not immediately convening a meeting to name new financial auditors.

The decision not to call the meeting "goes against all the rules of proper corporate governance," Vivendi said.

Vivendi will urge Telecom Italia's board to call a shareholders' meeting as soon as possible to appoint new financial auditors, revoke five of 10 Elliott-backed board members--"particularly those who were involved in these governance issues"--and propose replacements, the company said.

Vivendi, which has appointed five members to Telecom Italia's board, said it will write to the Italian group's board by the end of the week.

Vivendi's public criticism of Telecom Italia's governance is the latest development in a months-long tussle between the French group and Elliott. The two companies have been locked in a fight for influence over Telecom Italia since early 2018.

Here is the Telecom Italia tug-of-war explained: on.wsj.com/2RQr0lh

Write to Cristina Roca at [e-mail]; @_cristinaroca

(END) Dow Jones Newswires

December 11, 2018 03:39 ET (08:39 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.