ROZZANO, Italy (Reuters) - A slate presented by activist fund Elliott secured two-thirds of Telecom Italia’s (TLIT.MI) board seats after a shareholder vote on Friday, weakening the influence top shareholder Vivendi (VIV.PA) has been exercising over Italy’s biggest phone group.
Five of Vivendi’s candidates, including current TIM boss Amos Genish and the French media group’s CEO Arnaud de Puyfontaine, will still be part of the board so the two adversaries have to find a way to bury the hatchet and work together to turn around the slumbering telecoms heavyweight.
Some 49.84 percent of the shareholders present at the meeting voted in favor of the Elliott list, while 47.18 percent voted in favor of Vivendi.
The big question remains whether Genish, a Vivendi ally but well respected by Italy’s government and other investors, will decide to stay on at TIM. The new board is expected to decide on whom to appoint chief executive and chairman in the coming days.
Reporting by Agnieszka Flak