Vivendi Leads Over Half of Telecom Italia’s Board to Resign in Control Fight with Elliott Management
On March 22, the Telecom Italia board met to consider Elliott Management’s request for the directors appointed by Vivendi, including chairman Arnaud de Puyfontaine to resign. Elliott then proposes to consider spinning off the fixed-line telecom business. In response, Puyfontaine and six other directors announced their resignations effective April 24. With the resignation of over half of the board, the firm’s by-laws require all other directors to resign and a new board to be elected. A sharehold...
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