Tim has achieved more results in the 100 days of new CEO Luigi Gubitosi than in a year under the management of Amos Genish. It's all in this summary new sinking of the Elliott Fund against Vivendi as the assembly of the telephone group set for March 29 in Milan is fast approaching. The Elliott Fund, currently at the helm of Tim despite the majority stake of almost 24% is in the hands of Vivendi, has published the new document Time for Tim with which he replies to the previous one Restoring value for Telecom Italia published by Vivendi.
The atmosphere is heating up, in view of the important meeting with the shareholders who will have to decide whether to reinstate the 5 directors claimed by Vivendi and previously ousted after Elliott's advance in the May 2018 shareholders' meeting or leave things as they are. Certainly this time, compared to a year ago, the role of will be different and more incisive CDP up to 8,7% and willing to bring its stake in Telecom Italia up to 10% of the capital. Therefore, CDP will be the real balance in representing a Lega-M5S government that is openly in favor of a single company for the fiber optic network.
Telecom Italia's plan announced on February 21, Elliott writes in his new document, "represents an important turning point compared to previous missteps". The fund draws attention to the positive agreement reached by Tim with Vodafone on 5G. “The new team – continues the document – appears open to the creation of new solutions” including “the separation of Netco (the network company) and the consolidation of the sector”. Conversely, under Amos Genish's previous management, "Tim's performance was very poor." Furthermore, Genish “participated in the public accusations launched by Vivendi, attacking his own board of directors through the press. In general, Tim has achieved more results "in the 100 days with the new CEO, Luigi Gubitosi" than in a year with the management of Genish.
For these reasons, concludes the document, "Elliott believes that it is not possible to support the candidates proposed by Vivendi, who are not genuinely independent, and that a vote in their favor would simply hand control of the company back to a group characterized by demonstrated conflicts interests, related party transactions and a long history of destroying value for Tim's shareholders."
