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Vivendi ready to revoke request to replace Telecom Italia board members

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Vivendi ready to revoke request to replace Telecom Italia board members
FILE PHOTO: Telecom Italia's logo for the TIM brand is seen on building roof downtown Milan, Italy, May 20, 2016. REUTERS/Stefano Rellandini/File Photo   -   Copyright  Stefano Rellandini(Reuters)
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ROZZANO, Italy (Reuters) – Telecom Italia top shareholder Vivendi has proposed to revoke its request to replace five board members at the Italian phone group provided 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, a Vivendi representative, told the Telecom Italia (TIM) shareholder meeting.

“Vivendi wishes that TIM’s board be more reflective of the company shareholder base and to be led in an independent, transparent and inclusive manner.”

Vivendi was seeking to replace TIM Chairman Fulvio Conti and four other directors appointed by activist fund Elliott last year, citing “substantial lack of independence” and accusing them of conspiring to fire former CEO Amos Genish.

(Reporting by Agnieszka Flak)

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