, Columnist
Billionaire Singer Is a Welcome Addition to Italian Drama
Anything that dilutes Bollore's control at Telecom Italia would be a good thing politically.
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Activist hedge fund Elliott Management Corp isn't letting a messy Italian election get in the way of a golden opportunity. According to Bloomberg News, it is building a stake in Telecom Italia Spa -- a fiendishly complicated tangle of vested interests that includes billionaires, politicians and unions.
The move would put Paul Singer's outfit on the opposite side of the table to fellow tycoon Vincent Bollore, the smart and connected Frenchman whose Vivendi SA controls the Italian operator. Not the easiest bargaining partner. Still, it might offer hope to Telecom Italia's poor shareholders, provided Elliott can navigate the politics.