Vivendi Defends Strategy for Telecom Italia
17 April 2018 - 10:52PM
Dow Jones News
By Marc Navarro Gonzalez
Vivendi SA (VIV.FR) has again defended its strategy for Telecom
Italia SpA (TIT.MI) in the latest chapter of its battle with
Elliott Management Corp. for control of the Italian
telecommunications company, as Telecom Italia's board is expected
to meet Tuesday by request of Italian watchdog Consob.
Vivendi said in a statement on Tuesday that as Telecom Italia's
main shareholder, it can provide stability and enable shareholders
to invest and participate in any future upside.
"We are also committed to preserve Telecom Italia as an Italian
company with Italian governance and representation, full
transparency and accountability," Vivendi said.
In its statement, Vivendi said that before it began investing in
Telecom Italia, the company was "in an extremely weak position" and
had a history of underinvestment and bad management.
On Monday, Italy's Minister of Economic Development Carlo
Calenda said in an interview with La Repubblica that Vivendi had
been an "awful" shareholder for Telecom Italia.
Telecom Italia's board is expected to hold a meeting on Tuesday
by request of Italian market regulator Consob, in order to
supplement the information that will be made available ahead of its
shareholder meeting on April 24, Reuters reported Tuesday citing
unnamed sources.
Following the resignation of eight Telecom Italia board members
affiliated with Vivendi, the Italian company called a shareholders
meeting for May 4 to appoint a new board. However, Telecom Italia's
auditors requested adding Elliott's proposal to replace six board
members to the agenda of an earlier meeting, expected on April
24.
Read more about the imbroglio surrounding Telecom Italia at
https://on.wsj.com/2JndT7q (WSJ paywall) or https://bit.ly/2IQx2gL
(NewsPlus).
Write to Marc Navarro Gonzalez at marc.navarro@dowjones.com
(END) Dow Jones Newswires
April 17, 2018 08:37 ET (12:37 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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