Telecom Italia's board of directors has launched the investigation into the request to convene the shareholders' meeting received from Vivendi on 14 December. This was announced by the company led by Luigi Gubitosi in a note which reads. "Having taken note of the formal regularity of the request, the board of directors will meet again on 14 January 2019 to deliberate on the matter".
As expected, the board of directors held today, December 21, limited itself to postponing any decision on the French giant's request to convene a meeting to renew the auditors and to remove the board members attributable to the Elliott fund until January. In detail, Vivendì proposed Franco Bernabè, Gabriele Galateri di Genola, Rob Van der Valk, Flavia Mazzarella and Francesco Vatalaro to replace Fulvio Conti, Alfredo Altavilla, Massimo Ferrari, Dante Roscini and Paola Giannotti de Ponti.
But if the board takes time, Vivendì has no intention of giving up and launches new accusations: "The serious problems and failures of governance and the recent strategies aimed at wasting time and delaying the inevitable are the fruit of the work of the members of the board of directors supported by Elliott which will lead to a serious weakening of the company, both from a financial and social point of view”, says a spokesman for Vivendi, at the conclusion of the board of directors.
“We hold Elliott-backed board members accountable for the stock's negative performance, -40% since May 4,” he adds.
The new clash between Elliott and Vivendì also affects today's performance of the stock which drops 2,88% to 0,50 euro.
