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.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs