March 11, 2019 / 7:29 AM / 9 days ago

Activist fund Elliott urges investors to back its plans for Telecom Italia

PARIS, March 11 (Reuters) - Elliott urged investors in Telecom Italia (TIM) on Monday to back its plans for the Italian group rather than those of Vivendi at a vote in March, in the latest salvo in the activist fund’s row with the French media conglomerate.

Elliott, which owns just under 10 percent of TIM, is locked in a battle with Vivendi over how to relaunch the debt-laden Italian firm after wresting control of the board from the French company last year.

“Elliott’s presentation outlines the clear choice facing shareholders at the upcoming shareholder vote on March 29: a choice between stability and the continued recovery of company value, or a return to Vivendi’s poor stewardship with its broken promises, track record of prolonged and pervasive value destruction, and contempt for good governance,” Elliott said in a statement. (Reporting by Sudip Kar-Gupta Editing by Edmund Blair)

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