Telecom Italia’s shareholders should reject Vincent Bolloré’s attempt to snatch board control at an upcoming March 29 meeting, says LJucca:
Telecom Italia shareholders will be asked on March 29 whether they want to revoke five board members elected from a slate backed by activist fund Elliott Advisors and replace them with five directors put forward by top shareholder Vivendi. If approved, the proposal would restore Vivendi’s control of the board.
Vivendi, controlled by French billionaire Vincent Bolloré, is Telecom Italia’s largest shareholder with a 24 percent stake. Elliott is the second-largest investor with 10 percent. Italian state investor Cassa Depositi e Prestiti has recently hiked its stake to 8.7 percent. Elliott managed to install 10 new directors on the 15-strong Telecom Italia board in May, wrestling board control from Vivendi.
On Nov. 13 the board fired Vivendi-appointed Chief Executive Amos Genish and replaced him shortly afterwards with Luigi Gubitosi, one of the Elliott-backed directors. Gubitosi unveiled a new business plan on Feb. 21.
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