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Vivendi again takes aim at Elliott in Telecom Italia fight

Mar. 15, 2019 1:51 PM ETVIVEF, VIVHY, TIIAYBy: Jason Aycock, SA News Editor1 Comment
  • In a "re-establishment of the truth," Vivendi (VIVHY +0.4%) is continuing to snipe at the Elliott Management-backed directors of Telecom Italia (TI +2.7%) in their ongoing fight over control of the Italian incumbent.
  • "Vivendi denounces the behavior of the Elliott-nominated Telecom Italia Board members who yesterday rejected by a majority vote the report issued by the company’s Board of Statutory Auditors, a totally independent body, citing serious irregularities related to the company’s governance and its Board," the company says.
  • "Even the proxy advisory firms" acknowledged misconduct, Vivendi says, though those firms are all weighing in on Elliott's side in the proxy fight.
  • Vivendi raises a number of specific, pointed governance questions in its statement, and urges shareholders to "install a truly independent board."
  • It says only two of the boardmembers it's designated would not be independent, and that neither would run for chairman.

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