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Vivendi loses control of TIM board following crucial shareholder vote

2018-05-08 02:00:00| Total Telecom industry news

Telecom Italia has reappointed Amos Genish as CEO, while Fluvio Conti will take on the role of chairman, after votes were cast at the company's annual shareholder meeting.  49.84 per cent of shareholders approved a list of board changes proposed by activist shareholder fund…read more on TotalTele.com »

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Sato America appoints Tim Cook president

2018-04-24 16:32:00| Label and Narrow Web Breaking News

Cook assumes the execution responsibility and oversight of the North and Central America, Caribbean, and Mexico business.

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Judge delays TIM board standoff until May

2018-04-23 14:38:00| Telecompaper Headlines

(Telecompaper) A Milan judge has accepted the appeal lodged by Telecom Italia (TIM) and its top investor Vivendi against a decision by the company's statutory auditors to supplement the agenda of the upcoming Annual Shareholders' Meeting on 24 April with a motion proposed by activist fund Elliott to replace six Vivendi-nominated board members. The AGM to approve the company's financial results will still go ahead but the showdown over the board seats will be delayed until another shareholder meeting called for 04 May. In a statement, TIM said the agenda of the 24 April meeting will be as defined on 06 March but Elliott's proposal won't be discussed.

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TIM to challenge Elliott call for board changes with legal action

2018-04-10 08:38:00| Telecompaper Headlines

(Telecompaper) Telecom Italia (TIM) has announced that a meeting of its board of directors resolved to "take every legal action" to challenge a decision by statutory auditors to supplement the agenda of the upcoming Annual Shareholders' Meeting to be held on 24 April with a motion proposed by activist fund Elliott to replace six Vivendi-nominated board members. Describing the decision as unlawful, TIM said "statutory auditors can only intervene in a situation of "inertia" (inactivity) of the administrative body in granting the supplementation request made by the shareholders and not in a situation where there is a justified decision which the Board of Statutory Auditors does not agree with," which it said was the case in this particular instance.

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Elliott raises potential TIM stake to 13.7%

2018-04-09 15:43:00| Telecompaper Headlines

(Telecompaper) Activist investor Elliott has increased its stake in Telecom Italia (TIM) to a potential 13.7 percent, according to a SEC filing.  Elliott and its affiliate funds hold around 8.8 percent of TIM's ordinary shares, with the investor also owning call options on 750 million ordinary shares, which is equivalent to a further 4.9 percent stake, Reuters reported. The fund has also accumulated 169.5 million saving shares in the operator in the wake of its call for six Vivendi-nominated board members, including TIM chairman and Vivendi CEO Arnaud de Puyfontaine, to be replaced at the company's 24 April AGM.

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