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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Telecom Italia    TIT   IT0003497168

TELECOM ITALIA

(TIT)
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Telecom Italia : says board fully backs chairman

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03/14/2019 | 02:44pm EDT
Enel SpA CEO Fulvio Conti poses for photographers during the opening of an Enel flagship store in downtown Milan

MILAN (Reuters) - Telecom Italia's board on Thursday backed Chairman Fulvio Conti, who is embroiled in a row with the company's top investor, French media group Vivendi.

Conti had been accused by Vivendi of violating corporate and governance rules by siding with rival investor and activist fund Elliott.

A board meeting was held on Thursday to respond to a report by TIM's auditors, which found irregularities in the way information was shared with the company's board members in the run-up to the ousting of former Chief Executive Amos Genish.

The auditors said last week that contrary to a statement by Conti some information was only shared with board members appointed by Elliott before being brought to the attention of the whole board.

But the company said in a statement after the board meeting there was no reason to doubt Conti's independence.

"The board therefore reiterates its full confidence in the

work of the Chairman," TIM said in a statement.

Vivendi, which owns 24 percent of TIM, is seeking the removal of Conti and four other board members, citing a "substantial lack of independence and disrespect for the most basic and fundamental corporate governance rules".

TIM's shareholders will vote on the proposals on March 29.

The French media group has alleged that the five board members conspired to replace Genish, a former Vivendi executive.

Before the company's statement came out, Genish - who still sits on TIM's board - was asked by reporters doorstepping the board meeting whether Conti was stepping down. "I wish," he replied.

Elliott, which holds just under 10 percent of TIM, wrested board control from Vivendi in May by appointing 10 candidates - two-thirds of the total - to its board after accusing the French investor of serving its own interests.

Three proxy advisers have recommended that investors vote against Vivendi's proposals.

(Reporting by Silvia Aloisi and Alberto Sisto; Editing by Alexandra Hudson)

Stocks mentioned in the article
ChangeLast1st jan.
TELECOM ITALIA -2.90% 0.4423 End-of-day quote.-5.75%
VIVENDI -3.99% 23.57 Real-time Quote.15.37%
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Financials (€)
Sales 2019 18 744 M
EBIT 2019 3 452 M
Net income 2019 1 403 M
Debt 2019 24 865 M
Yield 2019 0,59%
P/E ratio 2019 7,03
P/E ratio 2020 6,61
EV / Sales 2019 1,83x
EV / Sales 2020 1,78x
Capitalization 9 510 M
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 0,61 €
Spread / Average Target 35%
EPS Revisions
Managers
NameTitle
Luigi Gubitosi Chief Executive Officer & Executive Director
Fulvio Conti Chairman
Piergiorgio Peluso CFO, Head-Administration, Finance & Control
Roberto Mazzilli Head-Information Technology & Security Compliance
Elisabetta Romano Chief Technology Officer
Sector and Competitors
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TELECOM ITALIA-5.75%10 601
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NIPPON TELEGRAPH AND TELEPHONE CORP9.46%87 235
DEUTSCHE TELEKOM AG1.82%80 095
SAUDI TELECOM COMPANY SJSC--.--%57 073
TELEFONICA-1.51%41 835