Deals

Elliott Wins Clash for Telecom Italia’s Board, Beats Vivendi

Fund’s slate got 49.8% of votes at meeting, Vivendi had 47.2%
Elliott pushed for improved corporate governance at carrier

Bloomberg’s Dan Liefgreen discusses Elliott Management taking over Telecom Italia’s board.(Source: Bloomberg)

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By Daniele Lepido and Tommaso Ebhardt

May 4, 2018 at 12:28 PM UTC

Updated on

May 4, 2018 at 3:09 PM UTC

This article is for subscribers only.

Elliott Management Corp. defeated Vivendi SA to take control of Telecom Italia SpA’s board after shareholders supported the U.S. activist investor’s call to improve corporate governance and push for asset sales.

The slate put forward by the New York-based hedge fund run by billionaire Paul Singer beat Vivendi’s proposal, garnering the support of 49.8 percent of votes at the Italian carrier’s extraordinary general meeting on Friday in Rozzano, near Milan. Vivendi’s slate garnered 47.2 percent of the votes.