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Vivendi responds to Elliott appeal to Telecom Italia investors

Published 11/03/2019, 17:51
Updated 11/03/2019, 17:55
© Reuters. The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris

PARIS (Reuters) - French media conglomerate Vivendi (PA:VIV) responded on Monday to an appeal by Elliott to Telecom Italia (MI:TLIT) (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.

Elliott, which owns just under 10 percent of TIM, is locked in a battle with Vivendi over how to relaunch the debt-laden Italian firm after wresting control of the board from the French company last year.

© Reuters. The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris

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