Elliott Management Raises Telecom Italia Stake to 9.4%

   By Max Bernhard

Telecom Italia SpA (TIT.MI) shares ended higher Thursday after a filing showed U.S. hedge fund Elliott Management Corp. raised its stake in the Italian telecommunications company to 9.4% from 8.8%.

Telecom Italia shares closed 5% higher at EUR0.49.

In a filing with the U.S. Securities and Exchange Commission, Elliott said it believes Telecom Italia's shares are undervalued and the separation of its fixed-line access network could enhance shareholder value.

Elliott has been in a monthslong tussle with Telecom Italia shareholder Vivendi SA (VIV.FR), which has criticized the company's governance and has been pushing to replace board members backed by Elliott.

"Any change in composition of the board at this juncture would be detrimental to the execution and delivery of the issuer's anticipated value-creation plans," Elliott said in the filing.

Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard

(END) Dow Jones Newswires

January 31, 2019 12:23 ET (17:23 GMT)

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