Deals

Elliott Raises Its Stake in Telecom Italia

U.S. fund wants carrier to separate its fixed-line network
French media-conglomerate Vivendi is largest shareholder

Telecom Italia SpA Stores And Fixed-Line Phones As Company Is Said To Weigh New Changes to Management — Photographer: Alessia Pierdomenico/Bloomberg

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By Daniele Lepido

January 31, 2019 at 11:07 AM UTC

Updated on

January 31, 2019 at 12:23 PM UTC

This article is for subscribers only.

U.S. activist fund Elliott Management Corp. raised its stake in Telecom Italia SpA in a show of confidence for Chief Executive Officer Luigi Gubitosi as he prepares a new strategy for the struggling phone carrier.

Elliott on Thursday disclosed a 9.4 percent stake in Telecom Italia, up from 8.8 percent previously. Locked in a battle with Telecom Italia’s biggest investor -- French media-conglomerate Vivendi SA -- Elliott may increase its holding further, according to people familiar with the matter, who asked not to be identified because the deliberations are private.