|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||25.49 - 26.03|
|52 Week Range||20.40 - 26.24|
|Beta (3Y Monthly)||0.91|
|PE Ratio (TTM)||255.10|
|Earnings Date||Feb 13, 2019 - Feb 18, 2019|
|Forward Dividend & Yield||0.50 (1.93%)|
|1y Target Est||24.84|
Shareholders will gather at Telecom Italia headquarters in Rozzano near Milan next Friday to decide whether to replace Elliott-backed directors with a new slate proposed by Vivendi SA, the French media company controlled by Bollore’s family. The likelihood that they will back Vivendi’s nominees appeared to recede this month when three influential advisory groups urged shareholders to reject the proposal. Now Elliott and Vivendi are looking at some form of compromise to end their dispute, according to people with knowledge of the situation.
Tensions at the top of glasses company EssilorLuxottica burst into the open on Thursday when the group's Italian executive chairman and its French vice chairman accused each other of plotting to take control of the combined group. France's Essilor and Italy's Luxottica merged last October, creating the world's largest eyewear maker in a 54 billion euro (46.9 billion pounds) deal. The two groups were supposed to have equal weighting in the leadership of the combined company but they now accuse each other of trying to gain the upper hand, the latest example of squabbles between France and Italy over business partnerships .
Up until then, Vivendi had held sway over the telecommunications company with a stake of almost 24%. Elliott-backed candidates took 10 of 15 seats on Telecom Italia’s board in May 2018, dealing a blow to Vivendi and leaving the Paris-based group with the five remaining seats. In February this year, Vivendi tried to turn the tables by raising the pressure on Telecom Italia with an attempt to shake up the group’s board of directors and wrest influence back from the U.S. activist.
Come the annual general meeting on March 29, they will need to back either the slate of directors proposed by Vivendi SA, the biggest shareholder, or the incumbents supported by activist Elliott Management Corp. Elliott, run by Paul Singer, is in favor of the latter. This dovetails with the government’s desire to create a single national fiber network by merging the division with Open Fiber SpA, a joint venture between Cassa Depositi e Prestiti SpA and utility Enel SpA.
France's Vivendi, which is Telecom Italia (TIM) top shareholder, urged Italian market watchdog and TIM's auditors to further investigate what it called governance issues at the Italian group. The French media group and activist investor Elliott, which owns just under 10 pct of TIM, are at loggerheads over the Italian group's governance and management. Vivendi is seeking the removal of TIM Chairman Fulvio Conti and four other board members and cites the fact that TIM's auditors said in a report they found irregularities in the way information was shared with the company's board members in the run-up to the ousting of Chief Executive Amos Genish.
Telecom Italia's board on Thursday backed Chairman Fulvio Conti, who is embroiled in a row with the company's top investor, French media group Vivendi. Conti had been accused by Vivendi of violating corporate and governance rules by siding with rival investor and activist fund Elliott. A board meeting was held on Thursday to respond to a report by TIM's auditors, which found irregularities in the way information was shared with the company's board members in the run-up to the ousting of former Chief Executive Amos Genish.
ROME (Reuters) - A board meeting at Telecom Italia (TIM) on Thursday did not discuss the fate of Chairman Fulvio Conti, a source with knowledge of the matter said. Conti has been accused by TIM's top shareholder ...
Frontis Governance, the Italian proxy advisory firm, has recommended that Telecom Italia shareholders vote against the proposals of Vivendi at a meeting at the end of the month as the battle for control of the telecoms company continues to rage. Vivendi is Telecom Italia’s largest shareholder with almost 24 per cent of the shares but lost control of the board last year after shareholders backed the nominations by Elliott, the US hedge fund, which had built a stake. Vivendi has since moved to oust five members of the Telecom Italia board after accusing them of a “lack of independence”.
Proxy adviser ISS has recommended that Telecom Italia (TIM) shareholders vote against a proposal by the phone group's top investor Vivendi to replace five board directors appointed by Elliott, ISS said on Monday. Vivendi and activist investor Elliott have been fighting since last year over how to revive Italy's biggest underperforming phone group, which is saddled with more than 25 billion euros (21.4 billion pounds) of debt.
An Italian court will decide after April 30 on French media group Vivendi's request to suspend a lawsuit stemming from a failed pay-TV unit deal with Italian broadcaster Mediaset, a legal source said on Tuesday. Vivendi has asked for the lawsuit to be put on ice pending a ruling by a European Union court on a related case. Mediaset, controlled by the family of former Prime Minister Silvio Berlusconi, is seeking 3 billion euros (2.6 billion pounds) in damages from Vivendi after it backed out of a deal to buy Mediaset's pay-TV unit Premium in July 2016.
French media conglomerate Vivendi responded on Monday to an appeal by Elliott to Telecom Italia (TIM) shareholders, saying the activist investor was not working for the benefit of all shareholders, but only for itself. Vivendi said in a statement that it saw itself as a long-term investor in TIM, and had no other intention other to put in place a neutral board. Earlier on Monday Elliott urged investors in Telecom Italia (TIM) to back its plans for the Italian group rather than those of Vivendi at a vote in March, in the latest salvo in the activist fund's row with the French media conglomerate.
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Media conglomerate Vivendi has sold its remaining shares in video games company Ubisoft, making a capital gain of 220 million euros ($249 million). Vivendi said on Tuesday that the remaining shares represented a 5.9 percent stake in Ubisoft. "Vivendi is no longer a Ubisoft shareholder and maintains its commitment to refrain from purchasing Ubisoft shares for a period of five years," Vivendi said in a statement.
MILAN (Reuters) - Italian state lender Cassa Depositi e Prestiti is likely to increase its holding in Telecom Italia (TIM) in the run-up to a key March 29 shareholder meeting where the company's main investors ...
U.S. buyout fund KKR and China's Tencent Music Entertainment Group are exploring rival bids for up to half of Vivendi's iconic Universal Music division, a deal potentially worth up to 20 billion euros ($23 billion), sources told Reuters. French tycoon Vincent Bollore, who controls Vivendi with a 25 percent stake, is in the process of selecting banks to oversee a partial sale of Universal Music Group (UMG), two sources familiar with matter said.
MILAN/LONDON (Reuters) - European shares scored a second straight month of gains in February after a choppy session on Thursday when optimism about European banks offset caution over U.S.-China trade. On a monthly basis, European shares rose 3.9 percent after a 6.2 percent increase in January. "What we're really waiting for, is more concrete news on trade", said Mikael Jacoby, head of continental European Equity sales trading at Oddo Securities.
MILAN (Reuters) - Telecom Italia has reached a deal with the trade union on 4,300 job cuts, a source familiar with the matter said on Wednesday. (Reporting by Alberto Sisto, writing by Stephen Jewkes)
U.S. buyout fund KKR and China's Tencent Music Entertainment Group are exploring rival bids for up to half of Vivendi's iconic Universal Music division, a deal potentially worth up 20 billion euros ($22.73 billion), sources told Reuters. French tycoon Vincent Bollore, who controls Vivendi with a 25 percent stake, is in the process of selecting banks to oversee a partial sale of Universal Music Group (UMG), two sources familiar with matter said.
In a 48-page document that outlines concerns with five directors backed by Elliott Management Corp., Telecom Italia’s largest shareholder reiterated calls to replace them with candidates proposed by the French media company. “Vivendi believes that only such a board will have the credibility and trust of all shareholders to objectively analyze any industrial strategic options, including those for Telecom Italia’s fixed network,” it said. Vivendi and the U.S. activist investor Elliott have been battling over the future of the former phone monopoly for almost a year.
Telecom Italia's (TIM) main shareholder Vivendi said on Sunday it would back a merger of the fixed-line networks of TIM and rival Open Fiber if conditions were right, while renewing its attack on U.S. activist fund Elliott. Elliott, which owns just under 10 percent of TIM, is locked in a battle with Vivendi over how to re-launch the debt-laden firm after last year wresting control of its board from the French media giant. In a series of slides, Vivendi said TIM's fixed network was core to value creation, adding it would support a merger of Open Fiber with TIM if conditions were right from an operational, financial and regulatory standpoint and overseen by an independent board.
A U.S. buyout fund KKR and China's Tencent Music Entertainment Group are exploring rival bids for up to half of Vivendi's iconic Universal Music division, a deal potentially worth up to 20 billion euros ($23 billion), sources told Reuters. Francis Maguire reports.