Elliott Claims Victory as Vivendi Pulls Telecom Italia Vote
- Telecom Italia shares rise as much as 4.6%, most in six weeks
- Battle for control has dragged on for more than a year
Photographer: Alessia Pierdomenico/Bloomberg
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Vivendi SA abandoned an attempt to win back control of Telecom Italia SpA from allies of activist hedge fund Elliott Management Corp., signaling an end to a boardroom battle that has delayed an overhaul of the struggling phone company.
Vivendi gave its support to Elliott-backed Chief Executive Officer Luigi Gubitosi at Telecom Italia’s annual shareholder meeting near Milan on Friday and withdrew a proposal to replace five directors aligned with the hedge fund after it became clear Vivendi would lose the vote.