ROZZANO, Italy: Telecom Italia's top shareholder Vivendi is ready to abandon its request to replace five board members at the Italian phone group if other shareholders agree, a representative for the French media group said on Friday.
"We have decided to not pursue today with our proposal to revoke and replace five board members provided that this has the support of this shareholder meeting," Caroline Le Masne De Chermont, Vivendi's head of legal affairs, told the TIM shareholder meeting.Elliott wrested control of TIM's board last May after accusing Vivendi of looking after its own interests and calling for a more radical shake-up of the telecoms group.
But beyond the vote, shareholders are more interested in signs the two rivals are finally ready to bury the hatchet and allow management to push through measures to slash debt, tackle competition and pursue strategic options to boost value. CEO Gubitosi said on Friday many investors shared his conviction that TIM shareholders needed to overcome their differences so that"TIM can again become a normal company".
State lender Cassa Depositi e Prestiti , which recently raised its stake to become TIM's second biggest investor, could act as a power broker between the two rivals, whose battle has unnerved investors and government alike.
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