TI Telecom Italia S.P.A. New

   By Anthony Shevlin 
 

Vivendi SA (VIV.FR) on Wednesday expressed concerns over the management of Telecom Italia SpA (TIT.MI) since Elliott Management Corp. (ELLA.XX) took control of the company's board of directors earlier this year.

The French media conglomerate said it is concerned by the "disastrous management" and calls the stock market performance "dramatic."

Vivendi said Telecom Italia's share price has fallen around 35% since May 4 and said Elliott promised to double the share price over the next two years.

Elliott took control of Telecom Italia's board in May in a shareholder vote that gave it the right to name 10 of Telecom Italia's 15 new board members, with Vivendi naming the rest.

"The new governance team is failing," said Vivendi, adding that the spreading of rumors proved detrimental to the smooth operation and results of the telecom company.

Vivendi is Telecom Italia's largest shareholder with 24% of its shares, and said it "remains convinced of [Telecom Italia's] significant development.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com

(END) Dow Jones Newswires

September 05, 2018 12:43 ET (16:43 GMT)

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