, Columnist
A Billionaire Grand Master Runs Up a Blind Alley
The departure of Telecom Italia's Flavio Cattaneo casts more doubt over Bollore's strategy.
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When Vincent Bollore arrived at Telecom Italia Spa two years ago, investors in the poorly performing company hoped the billionaire corporate raider would usher in an era of growth and better returns. Instead, he has brought chaos.
The latest drama puts Bollore's Vivendi SA on the verge of firing Flavio Cattaneo, the CEO it handpicked for Telecom Italia only 16 months ago. With Telecom Italia shares nearly 30 percent lower since Vivendi's arrival as its biggest investor, this is more evidence that riding Bollore's coat-tails is no sure thing even for investors who don't mind weak governance or disorder.