Two feuding shareholders of Telecom Italia (TIM) could be set to reconcile their differences and work together towards a common strategy. A report from Bloomberg cites ‘people familiar with the matter’ who say Vivendi of France and US-owned investment fund Elliott Advisors are willing to end their battle for influence at the telco. Elliott won control of TIM’s board in May 2018, taking ten of the 15 available seats after forcing out Vivendi-nominated members. Amos Genish, the CEO appointed by Vivendi, was then replaced by Luigi Gubitosi in November as the two sides continued their war of words.
The latest report suggests that Elliott and Vivendi are now preparing to shake up TIM’s board to give Vivendi more say in matters as they look to pursue a common strategy to turn around the telco. One of the main sticking points between the two sides has been the future of TIM’s fixed networks, with Vivendi wanting the telco to retain some control over its infrastructure, while Elliott favours a wider separation.