Vivendi wins more time in TIM board reshuffle

24 Apr 2018

A judge in Italy has sided with Telecom Italia (TIM) and its part-owner Vivendi over a shareholder vote to elect a new board at the telco. Activist investor Elliott Advisors – which has built up a 9% stake in TIM – had called for the vote to be held at a shareholder assembly already scheduled for today (24 April), but TIM and Vivendi mounted a legal challenge to ensure the election of board members would take place at a separate meeting on 4 May, giving them more time to drum up support among investors for their own list of candidates.

Elliott had earlier called for six board members appointed by Vivendi to be replaced, in a bid to lessen the French firm’s control at TIM, but this led to a mass resignation on the telco’s board, which triggered a vote on its full renewal. According to a report from Reuters, the judge ruled that the resignations required for the full board to be re-elected rather than individual board members being temporarily replaced, as Elliott had advocated.