For now it's a truce but at the top of Tim (formerly Telecom Italia) the showdown has only been postponed. It will be there in July when the accounts for the first semester of the main but very troubled Italian telephone company arrive where the foreign raids never end.
Yesterday CEO Amos Genish apologized for the "inappropriate" polemical statements made a few days earlier against some "independent" members of the board (with Elliott majority) accused, bluntly, of rowing against the company: It was said "regretted" for the emphasis they ended up getting in the press but it didn't convince the whole board while the president Fulvio Conti, elected by the Elliott fund, undertook the difficult task of calming the waters.
The board has also revised the governance by making more room in the various corporate committees for the French of Vivendi, who remain the first shareholders even if they no longer exercise de facto control over the company. However, this will not be enough to soften Vivendi who at the next autumn meeting intends to overturn the corporate balance and regain command of Telecom. But it will be necessary to see what the new CDP will do which, taking advantage of the weakness of the share on the Stock Exchange, could be tempted to strengthen its shareholding and once again play against the French.
