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Telecom Italia Responds To Report Of Activist Complaint To Regulator

COMMUNICATIONS


  • BBG reported last night that Bluebell Capital Partners has filed a formal complaint to the Italian regulator, asking it to invalidate the board slate led by CEO Pietro Labriola and freeze certain shareholders' voting rights.
  • Issue centres around undisclosed support for the CEO’s slate by major shareholders including Cassa Depositi e Prestiti (CDP) and other funds, representing over 11% of Telecom Italia’s capital.
  • Telecom Italia has issued a statement denying the allegations claiming that agreements around the proposed slate were fully documented and transparent, and info was provided timely to the market.
  • Telecom Italia claims to have no evidence that a formal complaint has even been submitted and “will immediately proceed to take the appropriate initiatives…even in front of the judicial authorities”.
  • AGM comes on 23 April.
  • EUR spreads muted in early trading.

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