The Telecom Italia shareholders' meeting has begun, decisive for the future control of the telecommunications company, called to deliberate on the composition of the board that will lead the company. The current board, for whose renewal it pushes the majority shareholder Vivendi (which holds 23,94% of the share capital), is made up of the outgoing chairman Arnaud de Puyfontaine, the managing director Amos Genish and the vice-chairman Franco Bernabé, who is leading the work of the meeting which is being held in Rozzano, near Milan.
Very attended assembly: the shareholders present are almost 4.200 and represent two thirds of the share capital, to be precise 66,7735%, a very high turnout and even higher than the already high turnout of last April 24th. At the opening of the proceedings, the chairman in office, Franco Bernabè, recalled that the relevant shareholders are Vivendi with 23,94% of the capital, Paul Singer with 8,85% of the capital (through the Elliott fund) and Cassa Depositi and Loans with 4,78% of the capital. The Elliott fund aims to join the board, for which it submits its own list to the vote of the shareholders which would see 10 new names on the board, with Fulvio Conti president and Amos Genish confirmed CEO.
The prediction is that today's assembly could decree one first turn towards the public company, with the raid by the Elliott fund, supported by Cdp, which could oust the French Vivendi from the governance of the TLC group. Among Elliott's projects there would be that of enhancing the Telecom network (the precious last mile in copper), selling it and merging it with Open Fiber. This would give birth to a "Terna" of the fiber network with the task of projecting Italy into the near future of a 100 Giga world. The feeling is that the inertia is on the side of the Americans supported, according to the first interventions of small investors, even by small shareholders.
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Making the two rivals – Elliott and Vivendi – dialogue is not easy and although this is the attempt of the managing director Amos Genish – who it is pleasing to both parties but he threatens to leave the group if his industrial plan is not supported by the winners, whoever they are – he risks leaving both unsatisfied. In the afternoon the decisive vote on the renewal of the board of directors.
