April 30, 2018 / 7:02 AM / 10 months ago

Elliott says supports Telecom Italia CEO, his business plan

MILAN, April 30 (Reuters) - Activist fund Elliott reiterated on Monday it supported Telecom Italia’s (TIM) chief executive Amos Genish and said there was no alternative to the business plan presented by him, just days before a board seats showdown at the Italian phone group.

Elliott has built a stake of 9 percent in the former state phone monopoly to try to shake up the way top shareholder Vivendi - which owns 24 percent - runs it.

The two investors have been trading blows for the past eight weeks, with Elliott accusing Vivendi of serving only its own interests and the French media group saying the fund was looking only for short-term financial gains.

On Sunday, Genish told the Sunday Telegraph his position at Italy’s biggest phone group would be “untenable” if activist fund Elliott managed to win the majority of board seats at a shareholder vote on Friday, saying the Vivendi slate “is clearly the only slate to support our long-term industrial plan”. (Reporting by Agnieszka Flak; editing by Francesca Landini)

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