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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.
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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Last week in telecoms: M&A developments at TIM, Forthnet, others boost TP stock index
2018-04-09 08:01:00| Telecompaper Headlines
(Telecompaper) The European telecoms sector had a positive week. The Telecompaper telecoms index rose by 1.1 percent during week 14, just shy of the EuroStoxx 50's gain of 1.4 percent. Satellite company Intelsat (+36%) and Greek challenger Forthnet (+18%), a takeover candidate, were the biggest winners. TIM (+11%) benefitted from an ongoing battle for its management, with CDP buying a 5 percent stake and Elliott raising its stake to 10 percent.
Italian state bank confirms intention to buy 5% TIM stake
2018-04-06 08:21:00| Telecompaper Headlines
(Telecompaper) Italian state lender Cassa Depositi e Prestiti (CDP) announced that its board approved a plan to acquire a stake of up to 5 percent in Telecom Italia (TIM) at a current market price of around EUR 600 million with a view to safeguarding the country's interests in a company regarded as strategic and whose leading shareholder is France's Vivendi, with a stake of just under 24 percent. "Such an investment falls under CDP's mission of supporting national strategic infrastructures and aims to help ... the company's development path ... in a crucial sector," said the bank, according to Reuters.
Italian government to buy 5% stake in TIM
2018-04-05 02:00:00| Total Telecom industry news
Italy's state lender is to purchase a 5 per cent stake in Telecom Italia (TIM), according to a report by Reuters. Three separate sources told Reuters that the move was intended to strengthen the Italian government's influence in a strategically important company…read more on TotalTele.com »
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