April 23, 2018 / 8:48 AM / a month ago

Elliott stops proxy solicitation for Telecom Italia AGM given uncertainty caused by legal action

MILAN (Reuters) - Elliott said it had stopped soliciting proxies for Telecom Italia’s (TIM) (TLIT.MI) April 24 shareholder meeting due to the uncertainty that arose after the phone group asked a judge to rule on additions to the AGM proposed by the activist investor.

Elliott, now TIM’s second-largest investor with a 9 percent stake, is pushing for a shake-up of the way Vivendi has been running the Italian phone incumbent. It is seeking to replace six of Vivendi-nominated board members at a shareholder meeting on Tuesday to improve governance, valuation and strategy.

    TIM’s statutory auditors included Elliott’s proposal in the agenda for the April meeting - a decision TIM’s board is now challenging in court.

    Reporting by Agnieszka Flak

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