List presented by funds for Telecom Italia board wins majority

ROZZANO, Italy, April 16 Wed Apr 16, 2014 3:41pm EDT

ROZZANO, Italy, April 16 (Reuters) - The slate of directors proposed by a group of asset managers and international investors for renewal of the board of Telecom Italia obtained 50.28 percent of shareholders votes, outgoing chairman Aldo Minucci said on Wednesday.

The list proposed by Telco, the Telefonica-led group that owns 22.4 percent of the Italian company and is its largest shareholder, secured 45.5 percent.

The outcome of the vote means that all the three candidates presented by the funds and the first three of the Telco list are elected to the new board.

Shareholders will have to hold another vote to elect seven more directors to fill the 13 person board.

The list presented by Italian businessman Marco Fossati, who is the second largest shareholder with a 5 percent stake held via holding Findim, got 3.5 percent. (Reporting by Stefano Rebaudo, writing by Danilo Masoni, editing by Stephen Jewkes)

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