Telecom Italia delays vote after mass board resignation [Seeking Alpha]
TELECOM ITALIA (TI)
US:NYSE Investor Relations:
telecomitalia.com/tit/en/investors.html
Company Research
Source: Seeking Alpha
Telecom Italia delays vote after mass board resignationWith amass resignation on the board at Telecom Italia (NYSE:TI), the company's vote on board makeup will bedelayed to May 4 from a previously scheduled April 24.That comes after a partial victory by Elliott Management and Paul Singer, which said it would press to remove directors backed by France's Vivendi (OTCPK:VIVHY), TI's top shareholder with a 24% stake.Arnaud de Puyfontaine and six other directors backed by Vincent Bollore (OTCPK:BOIVF) and Vivendi resigned the board today, putting in motion a contentious month between Bollore and Singer. Italia law dictates that a board is dissolved if a majority resigns; then each side can present a slate of at least 10 for the 15-member board.The side that wins the shareholder vote will be granted two-thirds of the seats, with the other third going to candidates from the opposing slate.While a partial victory for Elliott, the extra time before the vote could give Vivendi time to regroup.T
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