Elliott Management is set to compromise with Vivendi on board representation to end a long-running battle for control of Telecom Italia and thrash out a common strategy for the operator, Bloomberg reported.
The treaty would be the final chapter in a vicious row for control of the Italian operator after more than a year of sporadic fighting.
Details on the compromise are vague, but board changes are apparently scheduled for discussion by the operator’s directors later this month. Vivendi is reportedly “urging caution” on the issue.
Telecom Italia’s board is currently led by a slate of directors nominated by Elliott Management, which wrestled control from the operator’s previous Vivendi-led executive team in May 2018.
Vivendi was on the war path against the Italian incumbent’s executive team as recently as the eve of the operator’s shareholder meeting in March. There it had prepared a motion to remove several board members before abandoning the move on the morning of the event.
Subsequently Vivendi was accused at its own AGM of “losing its war in Italy”, a claim dismissed by company chairman Arnaud de Puyfontaine. Since then the French media giant has been muted on criticism of Elliott Management and Telecom Italia.Subscribe to our daily newsletter Back