Elliott Statement on Telecom Italia
Elliott Advisors (UK) Limited, which advises funds (together “Elliott”) that have a substantial holding in the shares of Telecom Italia (“the Company”, or “TIM”), welcomes today’s recommendation by ISS to vote against Vivendi’s proposals at TIM’s upcoming Annual General Meeting on March 29. ISS rightly concludes that Vivendi has failed to make a compelling case that change to the Company’s Board of Directors is warranted, nor presented any substantive argument related to performance. Elliott notes ISS’s observation that for a campaign focused on governance-based arguments, the corporate governance track record of Vivendi’s controlling shareholder, Bolloré, is far from ideal, with governance and disclosure practices far below French market standards and a history of related-party transactions and conflicts of interest. ISS concludes that “Vivendi’s arguments are mostly based on governance, though Vivendi’s own past actions undermine its moral authority in this case and may actually justify the steps taken by the Elliott-[nominated] directors.”
Elliott reiterates its view that Vivendi’s nominees are unsupportable, lack true independence and would simply return control to a group with demonstrable and unacceptable conflicts of interest. Elliott calls upon Vivendi to end the fighting and to give TIM and its independent Board the stability and space required to implement its strategy, and to deliver sustainable shareholder value.
In order to share its perspectives with its fellow shareholders, Elliott has today launched a new website, www.Time-For-TIM.com, where both the presentation and related materials are available to view and download. Interested parties are encouraged to visit the website to receive additional information and to sign up for future updates.
Elliott Management Corporation manages two multi-strategy funds which combined have approximately $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.
Sarah Rajani CFA
Elliott Advisors (UK) Limited
+44 (0) 20 3009 1475
Verini & Associates
+39 (02) 4539 5500
Daphné Claude / Dominic Riding
Steele & Holt
+33 (0) 6 66 58 81 92 / +33 (0) 6 48 57 83 24
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