PARIS, Sept 5 (Reuters) - French media conglomerate Vivendi said Wednesday the management of Telecom Italia, or TIM, had been “disastrous” since activist fund Elliott had seized control of the Italian firm’s board.
TIM’s share price has lost 35 percent since Elliott had took control in May, while the fund had promised to double it within two years, Vivendi said in a statement.
Vivendi blamed the company’s management for the performance. It added TIM’s governance was “failing” and said that the company and its results were suffering as a result.
Vivendi, TIM’s largest shareholder with a 24 percent stake, said however it remained convinced that the company had strong potential. (Reporting by Inti Landauro; Editing by Leigh Thomas)