May 4, 2018 / 1:21 PM / 4 months ago

Elliott says backs TIM CEO, wants to discuss options for network

MILAN (Reuters) - Activist fund Elliott International said it fully backed the current CEO of Telecom Italia (TIM) and his business plan though it had a number of proposals to put forward, just after securing a majority of TIM’s board seats on Friday.

After winning a vote to appoint two thirds of TIM’s directors and dealing a blow to the phone group’s top shareholder Vivendi (VIV.PA), Elliott said it wanted to look at options for TIM’s fixed-line network.

The U.S. fund also said it wanted to look at a possible conversion of Telecom Italia’s savings shares (TLITn.MI), a move that Vivendi has blocked in the past.

Reporting by Valentina Za, editing by Giulia Segreti

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