French media group Vivendi is said to be ‘weighing its options’ with regards to the future of its Italian subsidiary Telecom Italia (TIM), in which it has a 24% interest. Vivendi lost control of TIM’s board in May after a challenge by activist investor Elliott Advisors, with Elliott promising to shake up the way the telco was run. A report from Reuters cites a Vivendi spokesman as saying: ‘Elliott promised all kinds of things, but now they seem to have disappeared … It’s a big mess. There is no collective Elliott team, they’re all over the place.’ The spokesperson did not comment on whether Vivendi is considering a new shareholder meeting to try to overhaul TIM’s board.
In response, TIM chairman Fulvio Conti told Reuters that he was ‘surprised and disappointed’ to read the Vivendi spokesman’s comments. ‘In a positive and constructive climate, the Board is aligned with the CEO and the management to deliver the goals of the strategic plan,’ he said.