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Judge's ruling pushes Telecom Italia board fight to May 4

Apr. 23, 2018 2:41 PM ETTelecom Italia S.p.A. (TIIAY) StockVIVEF, VIVHY, TIIAYBy: Jason Aycock, SA News Editor
  • A judge's ruling has handed a partial win to Telecom Italia (TI -1.8%) and top shareholder Vivendi (OTCPK:VIVHY -1.3%) as they battle a board revolt led by Elliott Management.
  • The ruling grants an appeal by the company to block a vote on some Elliott board replacements at a shareholder meeting set for tomorrow.
  • Tomorrow's annual general meeting will still approve 2017 financials and confirm Amos Genish as the Telecom Italia CEO, but the board fight will come at a May 4 meeting triggered by the resignation of eight Vivendi nominees. That later stand-off will decide full control of the board, with the winner appointing two-thirds of seats.

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