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Elliott says TIM board must go ahead with no delay on network separation

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Elliott says TIM board must go ahead with no delay on network separation
FILE PHOTO: Telecom Italia new logo is seen at the headquarter in Rozzano neighbourhood of Milan, Italy, May 25, 2016. REUTERS/Stefano Rellandini/File Photo   -   Copyright  Stefano Rellandini(Reuters)
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MILAN (Reuters) – Activist fund Elliott said that Telecom Italia’s (TIM) <TLIT.MI> board must take the necessary steps to spin-off its network assets with no delay.

The Italian telecoms group on Sunday suffered a setback in its plan to assuage pressures for a separation of its prized network assets by placing them into a wholly owned subsidiary, as the industry regulator said it was opposed to the proposal.

The watchdog decision confirms that the plan for the network put forward by TIM’s main shareholder Vivendi <VIV.PA> is not sufficient for a change in regulatory framework, Elliott said in a statement on Monday.

TIM has been caught since early last year in a battle between Vivendi <VIV.PA> and Elliott over how to revive the Italian company, which is saddled with 25 billion euros of debt.

(Reporting by Giulio Piovaccari; editing by Francesca Landini)

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