|Bid||7.92 x 1000|
|Ask||7.95 x 3200|
|Day's range||7.93 - 7.95|
|52-week range||7.57 - 11.28|
|PE ratio (TTM)||12.42|
|Forward dividend & yield||N/A (N/A)|
|1y target est||18.39|
Telecom Italia SpA posted first-quarter sales that beat analysts’ estimates driven by growth in domestic mobile and broadband subscriber numbers. In the carrier’s first results since U.S. activist investor Elliott Management Corp. took control of its board this month, Telecom Italia said revenue rose 2.7 percent in organic terms to 4.71 billion euros ($5.5 billion). Elliott defeated Vivendi SA after shareholders supported its call to improve corporate governance and push for asset sales and a reintroduced dividend.
MILAN (AP) — Telecom Italia has announced a content-sharing agreement with Mediaset, Italy's largest private broadcaster, as the former telecom monopoly pushes ahead with its plan to improve digital content after a boardroom shakeup.
Telecom Italia's new board dominated by delegates chosen by a U.S. hedge fund has confirmed Amos Genish as CEO and named one of the new board members, Fulvio Conti, as chairman. The moves come after Elliott engineered a shareholder coup last week, wresting the board from controlling shareholder, France's Vivendi. Conti, a longtime Italian manager, said the board confirmed support for Genish's 2018-2020 business plan.
Bloomberg's Dan Liefgreen discusses Elliott Management's push to take control of Telecom Italia's board on "Bloomberg Markets: European Close." (Source: Bloomberg)
ROZZANO, Italy (AP) — French media group Vivendi lost de facto control of Telecom Italia on Friday when a U.S. activist hedge fund won a majority of seats on the former state monopoly's board in a dramatic shareholders' showdown that also raised questions about the government's role.
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.
Two months to the day since Elliott Management Corp. declared a stake in Telecom Italia SpA, the bitter standoff with the operator’s biggest shareholder Vivendi SA reaches a head at a shareholder meeting on Friday. Investors are voting on whether to elect a board of directors primarily made up of Elliott or Vivendi nominees. Elliott – The hedge fund activist wants to divest network infrastructure business Sparkle, sell a minority stake in the national Italian network known as NetCo, and convert shares with added voting rights – largely controlled by Vivendi – into ordinary shares.
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.
A prominent shareholder advisory firm has once again thrown its support behind Elliott Management Corp.’s efforts to revamp the board of Telecom Italia.
Telecom Italia SpA’s board said it will take every legal action necessary to block activist investor Elliott Management Corp. from pushing ahead with its own slate of directors at the company’s next shareholder ...