- Shareholders with a combined 53.8% stake in Telecom Italia (TI -0.9%) have registered to vote at the telco's Dec. 20 shareholder meeting, which will see a vote on whether to oust the board. The resolution needs 1 vote more than 50% of shareholders at the meeting to pass.
- Telco, which holds a 22.4% stake, will therefore need the backing of other investors to fend off Marco Fossati's proposal to scrap current directors.
- The fate of TI's prized TIM Participacoes (TSU +0.2%) unit may hang in the balance, with Fossati having vocalized the belief that Telco will attempt to divest the ops, leaving TI will limited growth opportunities.
- BlackRock, which has aggressively expanded its stake ahead of the shareholder meeting, has registered to vote, while proxy advisor ISS has taken Fossati's side and is estimated to represent ~9% of the vote.
Majority of Telecom Italia shareholders register for shareholder meeting
Dec 17 2013, 12:03 ET