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 email@example.com; @_cristinaroca