Rags fly into the house Tim between the two main shareholders. After the umpteenth collapse of Telecom Italia on the Stock Exchange, which lost 35% in four months, the French of Vivendi, who remain the telephone company's first single shareholder, launched a very harsh attack on the Elliott fund than in the last assembly won the majority of the board and expressed by the president Fulvio Conti.
Vivendi says she is “deeply concerned about the disastrous management of Telecom Italia since Elliott took control of the board following the shareholders' meeting of 4 May” with “dramatic” stock market performances. Today – continues Vivendi – the Telecom share is at the stock market lows for five years "while in the position paper of April 9, Elliott promised a doubling of the stock price in two years". "The new governance - attacks Vivendi again - is bankruptcy and the spread of rumors (including that of theexit of CEO Amos Genish) causes malfunctions that harm Telecom's good progress and results” despite the company's “significant potential”.
The reply of Tim's president lasts, Fulvio Conti, which expresses "I deeply regret the absurd and unfounded accusations, which he rejects, issued by Vivendi on the company's work" and maintains that "since its appointment and in its entirety, the Board has been and is still working to implement the strategic plan, drawn up by Vivendi itself during his previous management”. After recalling that Tim is "able to face the evolution of the markets and the competition", exacerbated by the arrival in Italy of Iliad, Conti concludes that "paradoxical for Vivendi is the effect of a negative concentration of elements, coming from across the Alps, which have repercussions on Tim's share price".
Just to deny the recurring rumors about his forthcoming release, the CEO Genish has personally purchased one million shares of Tim, but for now it has not been enough to restore serenity in the main Italian telephone company
