The internal war between Elliott and Vivendi reignites with undiminished ardor. With the "victory" of the US Fund in the assembly of last May 4, the battle seemed to have subsided and instead the harsh accusations made by Vivendi on 5 September they reopened a still bleeding wound, prompting the vehicle driven by Paul Singer to reply point by point to the remarks raised by the French.
TELECOM ITALIA ON THE STOCK EXCHANGE
Elliott rejected to sender the charge of "failure" of governance, while sharing "Vivendi's concerns about the performance of the Telecom Italia share, a problem that has persisted for years".
Indeed, in the month of August, Telecom Italia's share prices dropped almost 17% and in the last few sessions they reached their lowest levels for five years.
Elliott, however, "urges Tim's shareholders to give the new board time to demonstrate that it is capable of creating value for shareholders in what is certainly a difficult time for the Italian stock market and, in general, for telecommunications companies ”.
Statements that respond to the recriminations of Vivendì, who in the note released last Wednesday had recalled Elliott's "promises" regarding a possible strong recovery of the shares. The company "has not made and does not make any promises to the market", underlined the fund, defining the words of the French as "misleading".
It should be noted that, while the battle between the two contenders is once again escalating, the shares on the stock market raise their heads and Telecom Italia +3,63% to 0,548 euros.
ELLIOTT'S ANSWER
Elliott's note then directly refers to the words of the group led by Vincent Bolloré: "It is regrettable that Vivendi has chosen to attack Tim's management, the board and one of his associates, rather than working constructively towards a solution", we read in the note in which an invitation is even launched to the transalpine company: “If it now believes that there is a need for new ideas, Elliott would welcome your help in promoting solutions aimed at creating value'.
A blunt attack follows: Vivendi “again shows that he does not know what the role of a shareholder is, claiming that Elliott has taken "control" of the board. Elliott does not control Tim's advice. Vivendi's attitude towards corporate governance – characterized by the total lack of consideration for the independence of the board – is one of the reasons why Tim's shareholders voted for the change so clearly this year”.
Elliott also indicated that he did not agree that Tim's management could be described as "disastrous", as stated in no uncertain terms by Vivendì.
Finally, the fund's note confirms what the president has already said, Fulvio Conti: “We are carrying out a plan that has been developed and approved by Vivendi and actually promoted by Vivendi”. A plan, among other things, managed by Amos Genish, led by Vivendì to lead the council.
THE BOD ON 5G
Today's prices are also driven by the news released by the company's board of directors who "analysed and discussed the mechanisms and processes associated with the auction relating to the assignment of 5G frequencies, confirming the broad mandate to management for the presentation of offers and the participation in the auction”.
A theme that is also intertwined with the sale of Sparkle, strongly desired by the top management of the Tlc company, but opposed by the deputy premier, Luigi Di Maio.
