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BBG Sources: Potential Vote To Replace Telecom Italia’s Board At April AGM

COMMUNICATIONS


  • BBG sources piece reports that Merlyn Partners, with a 0.53% stake (meeting the necessary threshold), may propose a new board and plan for Telecom Italia at the 23 April AGM
  • The piece notes that Merelyn Partners supports the EUR 19bn sale of the landline network to KKR and would propose a strategy of faster asset disposals (up to and potentially including the Brazil operation).
  • We do note the clear pressure from activists in the wake of the fallout on TITIM’s MT guidance though there is a poor record of enacting change in this market. Merleyn Partners themselves presented a plan in October to replace the CEO which did not come to fruition.
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