March 12, 2019 / 5:59 PM / 6 months ago

Proxy adviser recommends TIM shareholders oppose Vivendi proposals

MILAN, March 12 (Reuters) - Proxy adviser ISS has recommended that Telecom Italia (TIM) shareholders vote against a proposal by the phone group’s top investor Vivendi to replace five board directors appointed by Elliott, ISS said on Monday.

TIM has been caught in a battle since early last year between Vivendi and hedge fund Elliott over how to revive Italy’s biggest phone group, an underperforming business saddled with more than 25 billion euros ($28 billion) of debt. (Reporting by Agnieszka Flak, editing by Valentina Za)

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