Telecom Italia (TI) activist investor Findim Group has cut its stake in the incumbent to less than 5%, taking it below the threshold required to call an extraordinary shareholders meeting.
Marco Fossati’s Findim cut its stake in TI from 5.004% to…
Telecom Italia (TI) activist investor Findim Group has cut its stake in the incumbent to less than 5%, taking it below the threshold required to call an extraordinary shareholders meeting.
Marco Fossati’s Findim cut its stake in TI from 5.004% to 4.989% on 30 April, a fortnight after shareholders appointed a new independent director-led board.
The move was disclosed in a document by market regulator Consob.
None of Findim’s five board candidates obtained a seat. Giuseppe Recchi, nominated by TI’s largest shareholder Telco, chairs the new 13-member board, 10 of whom are deemed independent.
A Findim spokesperson, speaking to Il Sol 24 Ore, described the stake reduction as a “conciliatory” sign. He said TI is moving toward the model of a public company, adding that Findim has confidence in its management and hopes it won’t need to exceed the 5% threshold again.
Findim, TI’s third largest shareholder, boosted its stake in the Milan-based telco to just over 5% last year in order to call the December EGM at which it made an unsuccessful attempt to replace the then-board.
Findim and small shareholders association Asati argued that the previous board prioritised the interests of Telco and its leading shareholder Telefonica, pushing for one that better represented minority shareholders.
