Deals
Singer Wins Telecom Italia Round as Bollore's Chairman Resigns
- Showdown on board slate with Elliott to be delayed to May 4
- Elliott is challenging Vivendi’s plan for Italian carrier
This article is for subscribers only.
Activist investor Paul Singer won a round in his battle for influence at Telecom Italia SpA, with Chairman Arnaud de Puyfontaine and six directors backed by Vincent Bollore quitting the board.
The move gives Vivendi SA, the French media company chaired by Bollore, some time in its attempt to fend off Singer’s Elliott Management Corp. in a contest that’s likely to come to a head at a Telecom Italia shareholder meeting in May, when investors will vote on a new board of directors.