March 6, 2018 / 4:47 PM / 9 months ago

Elliott has stake in Telecom Italia, seeking board changes

FILE PHOTO: Telecom Italia new logo is seen at the headquarter in Rozzano neighbourhood of Milan, Italy, May 25, 2016. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - Elliott Advisors has built a stake in Telecom Italia (TLIT.MI) (TIM) and could take steps to replace some members of the phone group’s board to improve governance and strategy, an Elliott spokesperson said on Tuesday.

Elliott may further increase its stake in the former Italian phone monopolist, the spokesperson said, adding however “it is not seeking to and will not seek control of Telecom Italia.”

The spokesman, who said Elliott had an interest in both ordinary and savings shares at TIM, did not give the exact size of the stake but said the position in ordinary shares did not exceed thresholds triggering disclosure under Italian law.

Reporting by Stephen Jewkes; editing by Francesca Landini

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