Elliott raises Telecom Italia stake to 9.9% – report

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(Telecompaper) Activist fund Elliott has increased its stake in Telecom Italia (TIM) to 9.9 percent following its call to replace six Vivendi-nominated board members, including chairman Arnaud de Puyfontaine, with its own candidates, reports La Repubblica. TIM has officially announced that it will supplement the agenda of the upcoming Annual Shareholders’ Meeting to be held on 24 April with Elliott’s motion but the report indicates that Vivendi and funds association Assogestioni are also expected to submit a slate with their board candidates. Shareholders could even request that the board be enlarged from the current 15 members.
Source: Industry News (syndicated from Telecompaper.com)

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