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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Vivendi    VIV   FR0000127771

VIVENDI

(VIV)
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Vivendi Hits Back at Elliott After Telecom Italia Board Backs Chairman

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03/15/2019 | 10:58am EDT

By Cristina Roca

Vivendi hit back at Elliott Management Corp. on Friday after Telecom Italia's board--which is dominated by Elliott-backed members--voted Thursday to dismiss an auditors' report alleging misconduct by the board's chairman.

Telecom Italia's largest shareholder said Chairman Fulvio Conti shared information with board members appointed by Elliott before the rest of the board ahead of the ouster of the Italian company's then chief executive, Amos Genish.

Vivendi called on Telecom Italia's shareholders to install a "truly independent board," and promised only two of the board members it would put forward for a new board wouldn't be independent, and that neither would run for the role of chairman.

During Telecom Italia's annual general meeting on March 29, shareholders will vote on a proposal to remove five board members backed by Elliott.

Vivendi, which has a stake of almost 24% in Telecom Italia, has been locked in a long-running battle for control of the company with Elliott, whose nominees form a majority on the Italian company's board.

Read more about the imbroglio surrounding Telecom Italia at https://on.wsj.com/2TlJwWy (WSJ paywall) or https://bit.ly/2KuPhKY (NewsPlus).

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

Stocks mentioned in the article
ChangeLast1st jan.
TELECOM ITALIA -0.20% 0.44655 Delayed Quote.-8.06%
TELECOM ITALIA -2.90% 0.4423 End-of-day quote.-8.48%
VIVENDI 0.89% 23.79 Real-time Quote.10.76%
VIVENDI SA (ADR) End-of-day quote.
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Financials (€)
Sales 2019 15 052 M
EBIT 2019 1 609 M
Net income 2019 1 249 M
Finance 2019 151 M
Yield 2019 2,23%
P/E ratio 2019 24,77
P/E ratio 2020 21,32
EV / Sales 2019 2,04x
EV / Sales 2020 1,90x
Capitalization 30 860 M
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 26,1 €
Spread / Average Target 11%
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Managers
NameTitle
Arnaud de Puyfontaine Chief Executive Officer
Yannick Bolloré Chairman-Supervisory Board
Stéphane Roussel Director & Chief Operating Officer
Hervé Philippe Director & Chief Financial Officer
Simon John Gillham Director
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