Elliott reduces its stake in TIM

4 May 2020

US hedge fund Elliott Management has cut its stake in Telecom Italia Group (TIM Group) from 6.97% to just 0.27%. Until late March this year Elliott had held more than 9.7% of the Italian telco’s shares. As part of the latest deal, Reuters reports that Elliott has agreed a swap contract with JP Morgan which expires on 30 May 2023 and would give it a potential overall stake of 5.13%, though its voting shares are currently limited to the 0.27% interest. Elliott had been in conflict with fellow TIM Group shareholder Vivendi over the future direction of the telco, but the two parties settled their differences last year.