Findim, Telecom Italia’s second largest shareholder, wants to remove members representing Telco from the board of the Italian incumbent.
Telco is the holding owned by Telefonica, Generali, Intesa Sanpaolo and Mediobanca, and controls Telecom Italia…
Findim, Telecom Italia’s second largest shareholder, wants to remove members representing Telco from the board of the Italian incumbent.
Telco is the holding owned by Telefonica, Generali, Intesa Sanpaolo and Mediobanca, and controls Telecom Italia via a 22.4% stake.
In late September Telefonica agreed to increase its stake in Telco, which would tighten its grip on TI.
The Italian incumbent announced today that Findim has demanded to call a shareholder meeting to remove the directors representing Telco from the Telecom Italia board. Findim wants a new board to be elected subsequently and also demands that the size of the new board should be discussed.
Findim holds recently increased its stake to just above 5% of Telecom Italia shares, giving it the right to call shareholder meetings.
TI chairman Franco Bernabe stepped down in September, apparently following a conflict with Telco over TI’s strategy going forward. Telefonica is thought to consider disposing TI’s TIM Brasil unit to cut debt.
