MILAN (Reuters) - Telecom Italia’s (TLIT.MI) main shareholder Vivendi (VIV.PA) believes in the phone company’s new strategic plan but is ready to consider any move supported by shareholders to boost its share price, a Vivendi spokesman told Reuters on Wednesday.
Last week activist fund Elliott Advisors said it had taken a stake in Telecom Italia (TIM) and was ready to replace board members in a drive to improve strategy, value and governance.
The spokesman said Vivendi CEO and TIM Chairman Arnaud De Puyfontaine was ready to consider suspending his executive functions at the phone incumbent during the period devoted to this strategic debate.
“Elliott Management repeatedly attacks States and companies... and is known for its financial approach focused on short term gains, most probably leading in this case to dismantling TIM,” the spokesman said.
Vivendi owns around 24 percent of TIM.
(This version of the story has been refiled to clarify day in first paragraph)
Reporting by Agnieszka Flak, writing by Stephen Jewkes