ROME (dpa-AFX) - Elliott Management Corp.'s effort to oust Vivendi SA (VIV.L, VIVEF.PK) directors from the board at Telecom Italia SpA has won support from shareholder advisory firm Glass Lewis & Co.
Glass Lewis & Co. urged investors in the Italian telecommunications company to vote for Elliott's slate of six directors at its annual general meeting set for April 24.
'In our opinion, an overarching concern for shareholders in this contest is the company's lackadaisical approach to communicating with Telecom Italia share owners,' Glass Lewis said in its report Saturday. 'We believe investors should be catalyzed by an opportunity to support a crucial reshaping of the board in a manner that will significantly roll back Vivendi's representation and portend additional mitigating changes.'
Elliott, the sometimes-activist fund run by billionaire Paul Singer, holds a 5.75 percent stake in Telecom Italia. It's criticized the company's strategy and share performance under the influence of Vivendi, which owns 24 percent of Telecom Italia's common shares and is its largest stockholder.
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