Elliott Statement on Telecom Italia
Elliott Advisors (UK) Limited, advises funds (together “Elliott”) that collectively are one of the largest shareholders in Telecom Italia (the “Company”, “TIM”). Elliott notes today’s decision by TIM’s Board to grant Vivendi S.A.’s (“Vivendi”) request for a vote upon the revocation of five Directors at the Company’s Annual General Meeting (“AGM”), to be held on 29 March 2019.
Vivendi’s request represents its latest effort to take back control of TIM and run the Company for its own benefit. Should Vivendi continue to pursue these efforts, Elliott is confident that it will not succeed.
Just eight months ago, a majority of TIM shareholders rejected Vivendi’s poor corporate governance record at TIM and its history of related party transactions, and appointed independent, credible and experienced directors to serve on TIM’s Board. Among shareholders not affiliated with Vivendi, support for change was overwhelming: Approximately 80% of the Company’s independent shareholders voted for this new Board.
TIM’s independent shareholders, employees, regulators and customers desire stability, and a contentious Board election at this juncture only serves Vivendi’s narrow interests. Elliott has sought numerous times to engage with Vivendi in order to resolve differences and move beyond public exchanges. This outreach has gone unanswered. Elliott remains open to a constructive dialogue, which it believes would be in the best interest of all TIM stakeholders, including Vivendi.
Prior to last spring’s vote for change, TIM suffered the consequences of a Board that answered to one shareholder, not all shareholders. Should this new vote proceed, Elliott believes TIM shareholders should not turn the Company back over to Vivendi, but should instead give TIM’s new, independent Board and its new CEO sufficient time to execute their strategy and create lasting shareholder value.
Elliott Management Corporation manages two multi-strategy funds which combined have approximately $35 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.
Elliott Advisors (UK) Limited
Sarah Rajani CFA
Director of Communications
+44 (0) 20 3009 1818
Verini & Associates
+39 (02) 4539 5500
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
Avioq Announces CE Mark and European Launch of VioOne HIV Profile Supplemental Assay24.6.2019 15:11:00 CEST | Pressemelding
Avioq, Inc. has received CE Marking (Conformité Européenne) and has begun marketing their VioOne™ HIV Profile™ Supplemental Assay in the European Union and other CE Mark countries. The product has also been submitted for FDA approval. “We are pleased to provide the CE Mark HIV Profile™ assay to countries outside the U.S.,” said Chamroen Chetty, CEO of Avioq. Dr. Chetty continues, “We are also looking for distribution partners to expand the global availability.” The HIV Profile™ is an enzyme-linked immunosorbent assay (ELISA) for confirmation and differentiation of individual antibodies directed to various gene products of HIV-1 (Group M & Group O) and HIV-2 in human serum or plasma that were repeatedly reactive in diagnostic screening procedures. Results can also be used to distinguish recent from longstanding HIV-1 infection for HIV-1 incidence estimation. About Confirmatory Testing In 2014, the CDC released a new algorithm for HIV testing. The second step of the algorithm includes a
Global Launch of S BLOCK, Kicked Off in Singapore on June 22nd24.6.2019 12:29:00 CEST | Pressemelding
The globally renowned 2019 WBF Singapore Technology Conference was held in Marina Bay Sands Hotel on June 22nd, 2019. S BLOCK, the conference co-host, unveiled itself and announce its mission to “Unleash your digital assets” for the first time. The conference brought together numerous industry elites and blockchain enthusiasts from all around the world, including more than 500 industry veterans from over 30 countries, such as Switzerland, Germany, France, Russia, Japan, Korea, Brazil, Australia, Argentina and Canada. Insiders shared profound global industry insights. This conference draws great attention from across the global blockchain industry. S BLOCK Kicked Off in Singapore In the morning of June 22nd, Ivan - President of S BLOCK Global Foundation, was invited to deliver a keynote speech, “Next Generation Digital Currency Wallet”. At this conference, S BLOCK was officially launched in more than 30 countries around the world, and opened up the way to a global future without borders
SpeeDx announce a collaborative agreement with GSK to supply tests and technology24.6.2019 12:00:00 CEST | Pressemelding
SpeeDx Pty. Ltd., a developer of innovative molecular diagnostic solutions, has signed a collaborative agreement with GSK, to provide a combination of existing tests and custom test development to support certain GSK antibiotic clinical trials and new product development. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190624005302/en/ “SpeeDx has a demonstrated commitment to improve patient care, and our tests currently used in clinical practice are supporting Resistance Guided Therapy, positively impacting cure rates and helping to minimise the spread of antimicrobial resistant infections.” Colin Denver, SpeeDx CEO. (Photo: Business Wire) “We welcome this extension of the utility and application of our tests and technology,” said Colin Denver, SpeeDx CEO. “SpeeDx has a demonstrated commitment to improve patient care, and our tests currently used in clinical practice are supporting Resistance Guided Therapy, positively impac
Nexon Computer Museum to Hold the Fourth VR Content Contest24.6.2019 10:13:00 CEST | Pressemelding
Nexon Computer Museum (NCM) of NXC is holding the fourth virtual reality content contest, ‘2019 NCM OPEN CALL X REALITY’. NXC is a holding company of Nexon (TOKYO: 3659). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190624005284/en/ Nexon Computer Museum (NCM) of NXC is holding the fourth virtual reality content contest 2019 NCM OPEN CALL X REALITY with total prize money of KRW 13 million. Application received from July 1st to August 31st, winners announced on October 25th. (Graphic: Business Wire) NCM OPEN CALL is an exhibit to discover and support virtual reality content creators. This year’s keyword ‘X REALITY’ encompasses all kinds of virtualization including VR, AR, MR, and more. It also implies eXtended Reality, which broadens the perspectives of reality, and Cross Reality, which overlaps the real and virtual world. The unpredictable X signifies NCM OPEN CALL’s pursuit towards embracing various kinds of innovative an
REPLY: New Tool “China Beats” Provides Deep Insights Into the Chinese Market24.6.2019 09:15:00 CEST | Pressemelding
TD Reply, the company specializing in marketing and innovation consulting within the Reply Group, developed China Beats, a business intelligence solution that enables companies to gain an in-depth understanding of the Chinese market and its players. This is ensured by AI-supported social listening with connection to all major Chinese e-commerce, social media and search platforms such as Alibaba, Baidu, WeChat and Weibo. The prosperity of the Chinese population is growing at a rapid pace. According to analysts estimates, around 550 million Chinese will belong to the middle class by 2022. As a result, the Chinese market is also becoming increasingly important for international companies. Entering the market, however, is challenging, especially in terms of reliable identification of target groups, analysis of their consumer behavior and preferences. Digital data can provide a remedy, because the majority of Chinese consumers are netizens who shop on digital platforms, exchange their opini
MYbank Works With Financial Institution Partners to Serve Over 15 Million SMEs24.6.2019 05:42:00 CEST | Pressemelding
MYbank, a leading online private commercial bank in China with a focus on SME financing, today announced that the bank’s Star Plan has enabled MYbank, with its financial institution partners, to serve over 15 million small and micro enterprises (SMEs). SMEs are key drivers of economic growth and this partnership is now serving more SMEs than any other in the world. The announcement comes on the day that MYbank celebrates its 4th Anniversary. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190623005055/en/ MYbank’s 310 lending model enables inclusive finance for SMEs in China (Photo: Business Wire) MYbank’s Star Plan was announced on June 21, 2018 with the aim of using technology to enable 1,000 financial institution partners to provide more cost-effective financing services to 30 million SMEs in China within a three-year period. A little over a year later and the Star Plan is showing significant progress. As of June 2019, lev