Rozzano (Italy) (AFP) – Activist fund Elliott won a weeks-long power struggle with Vivendi over Telecom Italia on Friday after taking control of the Italian company’s board at a shareholder meeting held near Milan.
US-based Elliott scraped past Vivendi, with 49.84 percent of voting shareholders’ ballots going in the fund’s favour and 47.18 percent of votes for the French telecommunications giant, which is run by billionaire Vincent Bollore and is Telecom Italia’s largest shareholder with a stake of just under 24 percent.
Elliot will hold 10 seats on the new board, with Vivendi given the remaining five.
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