Tuesday, 19 February 2019

Vivendi receives setback in its bid to retake TIM boardroom

By Chris Kelly, Total Telecom
Tuesday 05 February 19

Vivendi lost control of the Telecom Italia boardroom in 2018 and is seeking to regain control

Telecom Italia's biggest shareholder, Vivendi, has suffered a setback in its quest to regain control of Telecom Italia's boardroom, as the firm's auditors denied its request to bring forward a proposed shareholder meeting by a month…

Telecom Italia's biggest shareholder, Vivendi, has suffered a setback in its quest to regain control of Telecom Italia's boardroom, as the firm's auditors denied its request to bring forward a proposed shareholder meeting by a month. 

Vivendi had requested the auditors to bring forward the meeting from the 29th March to the 28th February, so that it could expedite the process of removing 5 directors, loyal to activist investor Elliott Management. Vivendi has complained strongly about the company's management, since it lost control of the boardroom to Elliott Management in 2018. 

TIM's auditors denied Vivendi's request to bring the meeting forward, saying that it lacked sufficient cause to do so. 

"This Board has evaluated the procedure that led the Company’s Board of Directors to call a Meeting of Shareholders for the coming 29 March, the agenda for which includes the same matters that Vivendi had asked be discussed separately. Following that evaluation, and on the basis of the information available, in relation to the Board’s decision we consider that the conditions for the exercise of the powers to convene a specific meeting pursuant to Art. 2367 have not been met," TIM's auditors said in a statement to the press. 

Also in the news

TIM issues profit warning  as boardroom tensions flare

TIM considers move for BT's Italian assets

TIM appoints new CEO to steady the ship

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