April 17, 2018 / 5:08 PM / 9 days ago

Telecom Italia says has no power to stop vote on Elliott's proposals at AGM

MILAN, April 17 (Reuters) - Telecom Italia (TIM) said on Tuesday the chairman of an upcoming shareholders meeting will not have the power to stop a vote on board candidates proposed by activist fund Elliott, a judge’s decision pending on the matter.

TIM’s top investor Vivendi and Elliott, which raised a stake in the phone group to just under 9 percent, are expected to face off at the AGM, scheduled for April 24.

The former state monopoly last week said it would take legal action to prevent a vote on the proposals advanced by Elliott, calling for six Vivendi-nominated board members to be replaced.

TIM also said it had supplemented the documentation for the upcoming April 24 shareholders meeting and gave the reasons for the resignation of eight board members in March, as requested by market regulator Consob. (Reporting by Giulia Segreti; editing by Francesca Landini)

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