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Elliott Says Billionaire's Arrest Clouds Telecom Italia Fight

Scott Deveau
Elliott Says Billionaire's Arrest Clouds Telecom Italia Fight

Elliott Management Corp. is “deeply troubled” by the arrest of Vivendi SA’s biggest shareholder, Vincent Bollore, and said it would find it difficult to reconcile a vote for the French media company’s slate at Telecom Italia SpA. Bollore SA has a 20 percent stake in Vivendi, which is the largest holder in Telecom Italia with its 24 percent stake. Elliott, the New York-based hedge fund run by billionaire Paul Singer, blames the Vivendi-controlled board at Telecom Italia for that company’s flawed strategy and share performance.

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