New York Wins In Italy's Battle of the Billionaires

Paul Singer’s Elliott Management Corp. has won the battle with Vincent Bollore’s Vivendi SA over Telecom Italia SpA. At a meeting in Milan, investors in the Italian carrier voted for a board that will consist of 10 directors nominated by hedge fund activist Elliott, and five picked by Vivendi, the French media conglomerate that is the biggest shareholder. In the minutes before the vote started, a Vivendi spokesman was still telling reporters that it intended to ensure that CEO Amos Genish's plan for Telecom Italia wouldn't change even if the Elliott slate won.