Elliott Statement on Telecom Italia
Elliott Advisors (UK) Limited (“Elliott”) welcomes Vivendi’s decision to withdraw its request to shareholders to revoke five of Telecom Italia’s (“TIM”) Directors, a clear sign that Vivendi understands that there is broad support for TIM’s existing independent Board. This outcome is a victory for the Company and paves the way for stability and sustained value creation for all of TIM’s stakeholders. Elliott remains fully supportive of CEO Luigi Gubitosi, the Company’s management team and the existing independent Board, and looks forward to constructive dialogue with all stakeholders to pursue a value maximising path forward for the Company.
Elliott Management Corporation manages two multi-strategy funds which combined have approximately $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.
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