The American activist fund responded Monday, September 10, criticism of the group of Vincent Bolloré who denounced a “disastrous management” of the Italian operator
Four months after their forced union, bird names continue to blossom between the US fund Elliott and Vivendi, who sit on the board of Telecom Italia. The group of Vincent Bolloré published, on September 5, a vitriolic statement denouncing the “disastrous management of Telecom Italia” by the American fund.
On Monday, September 10, Elliott came out of the woods. “How can Vivendi give up his responsibilities when he has been so long in business? “Asks the American, who reminds Vivendi that it is the French group itself who has appointed the current managing director, the Israelo-Brazilian, Amos Genish.
Finally, the fund recalls that it has never promised a doubling of the share price, as stated by Vivendi, but an increase in the title, provided that its recommendations are adopted. What has not been done by the council yet. “We are executing a plan designed and approved by Vivendi,” Telecom Italia’s President Elliott, Fulvio Conti, said on Friday.
38% loss on the stock market
On May 4, Vivendi, the largest shareholder of Telecom Italia with 24% of the capital, lost the majority on the board of directors in favor of Elliott. The French group would not exclude to convene a new general assembly to push out of the group this cumbersome shareholder. At this stage, no decision seems to be taken.
Since the arrival of Elliott, the title Telecom Italia has lost 38% in the stock market. More than a bad management, this tumble is at first to put on the account of the arrival of Iliad (whose Xavier Niel, the founder, is shareholder of the World) on the Italian market, on May 29th. In a few months, the French brand has conquered 2 million customers thanks to broken prices on the mobile. “Until then, Telecom Italia has been quite resilient compared to Vodafone and Wind Tre. But Iliad has deteriorated .