By Nathan Allen

Elliott Management Corp. said Friday that it welcomes Vivendi SA's (VIV.FR) decision to withdraw its request for Telecom Italia SpA's (TIT.MI) shareholders to vote out the Italian telecom company's board.

Shareholders had been due to vote today on a motion to force out five Elliott-backed directors--including Chairman Fulvio Conti--and replace them with candidates chosen by Vivendi.

But earlier this morning Vivendi withdrew the motion without providing any further details.

The move marks a potential easing of tensions between Vivendi and Elliott, Telecom Italia's two top shareholders, which have been locked in a prolonged struggle over the company's direction.

Elliott said the withdrawal is a clear sign that Vivendi recognizes the broad support for Telecom Italia's current board, describing the decision as a victory for shareholders that paves the way for stability and value creation.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

March 29, 2019 13:04 ET (17:04 GMT)

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