March 5, 2019 / 11:27 AM / 9 months ago

Italy state holding CDP likely to up TIM stake to 10 pct ahead of shareholder meeting-sources

MILAN, March 5 (Reuters) - Italian state lender Cassa Depositi e Prestiti is likely to increase its holding in Telecom Italia (TIM) in the run-up to a key March 29 shareholder meeting where the company’s main investors are expected to face off, two sources said.

CDP, which is controlled by the Italian treasury, has recently started increasing its stake in Italy’s biggest phone group and currently owns just over 7 percent.

At the March meeting shareholders will vote on a request by top shareholder Vivendi to replace five board members appointed by activist fund Elliott.

At the last meeting a year ago, CDP sided with Elliott and backed the appointment of the five directors.

Reporting by Stefano Bernabei, writing by Silvia Aloisi

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