LONDON (Reuters) - Telecom Italia’s (TIM) (TLIT.MI) chairman said on Thursday he had not held talks with Elliott Advisors and was confident in TIM’s plan, adding that he had only heard rumours about the activist investor’s opposition to it.
Activist investor Elliott Advisors has built a stake in TIM this week, and said it could take steps to replace some members of TIM’s board to improve governance, valuation, strategy and the company’s relationship with Italian authorities.
Elliott has an opportunity to engage with TIM at an investor roadshow on Friday, TIM’s Chairman and Vivendi (VIV.PA) CEO Arnaud de Puyfontaine told Reuters at a Deloitte-Enders Analysis conference in London, and when asked about Elliott’s call for changes to the board, said “time will tell”.
“What I’ve seen is rumours, I don’t have any further information,” he said. “What I’m sure of is that the plan is a compelling plan”
Reporting by Paul Sandle; writing by Alistair Smout; editing by Kate Holton