Telecom Italia Readies Vote on Vivendi Proposal to Oust Five Elliott-Backed Board Members

By Olivia Bugault

Telecom Italia SpA (TIT.MI) shareholders will on March 29 vote on a proposal to remove five of the group's Elliott-backed board members, Vivendi SA (VIV.FR) said Sunday, in the latest instalment of the long-running struggle between the France's Vivendi and the activist investor for control over the Italian telecom.

French media group Vivendi is TIM's largest shareholder and has been seeking to replace the five board members supported by Elliott--TIM's second-largest shareholder--with independent directors.

Vivendi said that its "newly proposed board composition will re-establish the necessary conditions and safeguards to allow for proper company governance and deliver on promises."

Vivendi has been urging TIM to convene a shareholders' meeting to vote on the proposal since December.

Write to Olivia Bugault at olivia.bugault@dowjones.com

(END) Dow Jones Newswires

February 25, 2019 03:00 ET (08:00 GMT)

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