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Vivendi backs off from Telecom Italia fight, withdrawing slate

Mar. 29, 2019 12:48 PM ETVIVHY, TIIAYBy: Jason Aycock, SA News Editor
  • Vivendi (VIVHY -0.2%) has backed down in a stand-off with Elliott Management over control of Telecom Italia (TI +2.3%), the incumbent firm that Elliott started managing after taking control of the board last spring.
  • At the last minute, Vivendi offered to withdraw its challenge slate (though it was seen as losing the vote to remove five Elliott-backed members, and had major proxy advisory services throwing their support to Elliott in the fight).
  • "We have decided not to pursue today our proposal to revoke and replace five board members provided that this has the support of this shareholder meeting," Vivendi's Caroline Le Masne De Chermont told the meeting.
  • That's “the first step to set up new collaborative relations between the shareholders,” TI CEO Luigi Gubitosi says. He adds that talks with Open Fiber on a potential deal are still ongoing, and the company expects to have better results by the end of the year.
  • Italian state lender Cassa Depositi e Prestiti recently became the second-biggest shareholder of TI behind Vivendi, and could act as a peacemaker between the factions.
  • Previously: Vivendi again takes aim at Elliott in Telecom Italia fight (Mar. 15 2019)
  • Previously: Telecom Italia -4.7% as board tension ratchets up (Mar. 12 2019)

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