Telecom Italia plans €2B writedown, with Vivendi sniping [Seeking Alpha]
TELECOM ITALIA (TI)
US:NYSE Investor Relations:
telecomitalia.com/tit/en/investors.html
Company Research
Source: Seeking Alpha
Telecom Italia (NYSE: TI ) will write down its assets by some €2B to reflect lower values -- a move that dragged its net income from €1.2B down to -€0.8B. That's a move that will drag on share prices, says TI's biggest shareholder, French media giant Vivendi ( OTCPK:VIVHY ). The decision to write down the goodwill follows an impairment test and does not affect TIM’s cash flows and was due to the deterioration of the competitive and regulatory context and to the increased interest rates, TI says. The writedown also doesn't change its three-year strategic priorities, the company says. It's a sudden and unusual decision to announce the writedown during the fiscal year, Vivendi says: “It is fair to ask, as several media have done, what Elliott has in mind in allowing the stock price to fall to the detriment of all the company’s shareholders. (h/t Bloomberg) Since having its control of the company displaced by Elliott Management's boardmembers in May, Vivendi has
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