Vivendi loses control of Telecom Italia

The French group Vivendi suffered a serious setback Friday, may 4, by losing the control of the board of directors (CA) Telecom Italia (Tim) for the benefit of the american fund Elliott.

Among the shareholders voting, 49,84 % voted for the fund activist and 47,18 % for the group of Vincent Bolloré, the largest shareholder of Tim with 23,94 % of the share capital. Elliott will hold ten seats on the fifteen of the CA, and Vivendi five. Asked after the vote, the French group is said to be committed on the long term in the operator, and stressed that he would work to prevent his eventual ” dismantling “.

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