Seeking Alpha

Shareholders vote to keep Telecom Italia board

  • Telecom Italia's (TI +0.7%) directors will keep their positions after shareholders rejected a proposal by dissident shareholder Marco Fossati to dismiss the company's board. 50.3% of present shareholders voted against the proposal and 42.3% for it, with 7.4% of the vote abstaining.
  • The decision represents a victory for Telefonica (TEF -0.1%), who owns a 22.4% stake in TI through Telco. Bloomberg observes, "Telefonica ... has sought closer ties with Telecom Italia to take advantage of its holdings in Brazil [TIM Participacoes (TSU +1.3%)], a growing market where both carriers operate." Fossati had voiced concerns that Telefonica's interest in the Brazilian assets is incongruent with the interests of TI's other shareholders.
  • Shareholders, meanwhile, also rejected the appointment of Telco-nominated directors Stefania Bariatti and Angelo Tantazzi.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector