Deals
Elliott Builds Telecom Italia Stake to Take on Vivendi
- Paul Singer’s hedge fund may nominate directors to board
- Vivendi’s stake in Telecom Italia is under scrutiny in Italy
A television communications tower stands inside the headquarters of Telecom Italia SpA in Rozzano, near Milan, Italy.
Photographer: Alessia Pierdomenico/Bloomberg
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Paul Singer’s Elliott Management Corp. is taking on French media conglomerate Vivendi SA by building a stake in Italian phone carrier Telecom Italia SpA.
Elliott is considering a push to replace members of the board with “new, fully independent, and highly qualified directors,” to improve Telecom Italia’s governance, valuation, strategic direction and relationships with Italian authorities, the New York-based fund said in a statement. While Elliott could further increase its stake, it’s not looking -- and will not seek -- control of Telecom Italia, Elliott said.