Telecom Italia investor sees bid to revive company rejected
MILAN, March 27
MILAN, March 27 (Reuters) - Telecom Italia has rejected a request by investor Findim, who owns 5 percent in the group, to discuss possible actions to revive the group at next shareholder meeting, Findim said in a statement.
Luxembourg-based Findim, headed by businessman Marco Fossati, on Wednesday said Chairman Franco Bernabe had rejected its request to integrate the agenda of the April 17 shareholder meeting with proposals including mandating the board to develop actions to support the company and boost its share price.
Fossati said results in the last six years have been disappointing and repeated failure to meet targets and dividend erosion have led the market to penalise the stock, which has fallen to 0.60 euro per share from 2.20 euros in 2006.
"We are certainly not satisfied, no one is satisfied," Fossati said in his request to Telecom Italia.
Fossati, who is not part of the Telco investor group controlling Telecom Italia, said the company needed new strategy and possibly a new management, adding that the stock could benefit from opening up the capital to investors outside Europe, provided they do not take a controlling stake. (Reporting By Danilo Masoni, editing by Antonella Ciancio)