5/4/2018, 6:34 PM (Source: TeleTrader)
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Elliott takes control of board of Telecom Italia

Activist fund owner Elliott Management Corp. won 49.84% of votes at a general meeting of Telecom Italia SpA on Friday, securing two third of positions on the board. Its bigger rival Vivendi SA took only 47.18% and the tight race was decided by the abstention of the owners of the remaining stake.

The French media giant retained the seats of Amos Genish, director and general manager, Arnaud de Puyfontaine, the chief executive of Vivendi, and three more of its representatives. The panel is scheduled to hold a meeting on May 7. Shareholders convened in Rozzano near Milan in Italy's north.

Elliott, which will now have ten persons on the board, has been buying stock and campaigning for a sale of submarine cable business Sparkle as well as to resume to dividend payouts.

Baha Breaking the News (BBN) / IT