Telecom Italia

Telecom Italia to sell digital-terrestrial broadcasting outfit

Telecom Italia (TIM) and GEDI Gruppo Editoriale have agreed to sell digital-terrestrial broadcasting outfit Persidera to F2i and EI Towers for an enterprise value of €240 million. TIM owns a 70% stake in the broadcasting company, and GEDI Gruppo Editoriale holds 30%. Under the terms of the deal, which is subject to regulatory approval, Persidera […]

Telecom Italia names new CFO

Telecom Italia (TIM) has named Giovanni Ronca as chief financial officer reporting directly to CEO Luigi Gubitosi. After a transition period Ronca will become CFO as of 17 June, replacing Piergiorgio Peluso. Peluso, as of that date, will report to Gubitosi, managing the Group’s strategic projects and extraordinary operations. Ronca was co-head of UniCredit commercial […]

Vivendi abandons move to replace Telecom Italia board

Vivendi has abandoned attempts to replace Telecom Italia (TIM) board members nominated by arch-foe Elliott Advisors and has said it is “prepared to give credit” to CEO Luigi Gubitosi’s request for it to withdraw its motion. Vivendi did not provide details about what Gubitosi had promised. The meeting of TIM shareholders requested by Vivendi as […]

Vivendi and Telecom Italia trade blows as shareholder meeting approaches

Vivendi and Telecom Italia (TIM) have again traded blows in the run-up to the March 29 shareholders meeting called by the French media group – TIM’s largest shareholder – in an attempt to wrest control of the company from a board dominated by members nominated by hedge fund Elliott Advisors. Vivendi has called on the […]

Elliott and Vivendi trade insults as Telecom Italia battle rages on

Media giant Vivendi and activist investor Elliott Management are continuing to engage in an increasingly aggressive war or words as the pair battle for the future of Telecom Italia (TIM), in which Vivendi remains the largest single shareholder. Responding to an appeal by Elliott to shareholders to reject Vivendi’s move to wrest control of the […]

Vivendi: Telecom Italia auditors’ report justifies claims

Vivendi has claimed that a statutory auditors’ report on Telecom Italia (TIM), released at the end of last week, confirms that the Italian telco’s chairman violated corporate laws and fundamental governance principles. Vivendi said that the report confirmed the existence of serious irregularities related to governance of the company and to its board, dominated by […]

Vivendi outlines plans to ‘restore value for Telecom Italia’

Vivendi has published a paper outlining its proposals to “restore value for Telecom Italia,” which include replacing five of the company’s 10 board directors. Vivendi said it believes Telecom Italia shareholders should vote for the revocation of five Elliott-nominated board members and the appointment of five new independent directors at Telecom Italia’s shareholders meeting on […]

TIM board approves talks with Open Fiber for possible sale of network

Telecom Italia’s (TIM) board has approved a new strategic plan that includes the opening of discussions with wholesale fibre network provider Open Fiber, with “all possible options” including a sale of the TIM network, on the table. CEO Luigi Gubitosi presented the three-year plan, which was accepted by the board with two abstentions. TIM said […]

TIM auditors board rebuffs Vivendi shareholder meeting move

Telecom Italia’s (TIM) board of statutory auditors has rebuffed Vivendi’s call for a shareholders’ meeting this month to discuss its call for the ejection of board members supported by hedge fund Elliott Management and the appointment of new auditors. Vivendi triggered a request for a meeting of the telco’s shareholders in December, following the dismissal […]

Vivendi condemns Elliott’s move to up stake in Telecom Italia

Vivendi has condemned what it sees as a move by its rival for the control of Telecom Italia (TIM), Elliott Advisors, to take advantage of the ongoing decline in TIM’s share price to acquire more stock. Responding to an SEC filing that revealed that Elliott has increased its stake in TIM to 9.4%, up from […]