4/9/2018, 8:43 PM (Source: TeleTrader)
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Elliott reveals 8.8% stake in Telecom Italia

A regulatory filing on Monday showed Elliott Management Corp. lifted its ownership in Telecom Italia SpA to 8.8% of stocks, heating up the fight against bigger rival Vivendi SA over the future of the company. The activist investor told shareholders the fixed access division should be spun off to streamline the activity and attract funds. It added the network could bring up to €7 billion in new value.

The proposal challenging Vivendi, holding 23.9%, and its majority, includes a push to sell submarine cable business Sparkle and getting back to dividend payouts. The Italian government has also made clear it would exert influence, where leaks indicated it has been increasing its stake. The board lineup will be decided on when shareholders convene on April 24.

Baha Breaking the News (BBN) / IT