April 9, 2018 / 12:57 PM / 6 months ago

Elliott ups potential stake in Telecom Italia to 13.7 percent as showdown with Vivendi looms

MILAN (Reuters) - Elliott has raised its potential stake in Telecom Italia (TLIT.MI) ordinary shares to around 13.7 percent, a SEC filing showed, as the activist fund gears up for a showdown at the Italian phone group with top investor Vivendi (VIV.PA).

FILE PHOTO: A Telecom Italia tower is pictured in Rome, Italy March 22, 2016. REUTERS/Stefano Rellandini/File Photo/File Photo

Elliott and its affiliate funds hold around 8.8 percent of TIM’s ordinary shares, the filing showed on Monday.

The activist investor also owns call options relating to 750 million ordinary shares. Those call options amount to an additional potential stake of 4.9 percent stake, according to Reuters calculations.

On top of the ordinary shares, the fund led by American Paul Singer, has accumulated 169.5 million saving shares in Italy’s biggest phone group.

Reporting by Agnieszka Flak

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