US hedge fund wins control of Telecom Italia board
ROZZANO, Italy (AP) — The activist hedge fund Elliott Management claimed victory in a shareholder battle for control of the Telecom Italia board, narrowly winning a vote Friday to install a cadre of well-known Italian businessmen as a majority over those loyal to the controlling stakeholder, French entertainment group Vivendi.
Elliott won the support of 49.8 percent of the vote to Vivendi's 47.2 percent to control 10 seats to Vivendi's five. The move ends a battle that has intensified in recent weeks amid concerns about the management of an asset considered strategic by the Italian government.