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Telecom Italia board resignations are 'cynical and self-serving,' Elliott says

( March 23, 2018, 07:44 GMT | Official Statement) -- MLex Summary: The resignation of seven Telecom Italia board members affiliated with Vivendi was "cynical and self-serving," as it delays a shareholder vote on the board’s composition, the Elliott hedge fund said today. "Unable to advance any meritorious arguments, the [directors have] simply abandoned their posts to stall for time," Elliott said in a statement. The fund told Telecom Italia investors less than a week ago that it had nominated six candidates to the former phone monopoly's board, saying the directors displayed a "disregard of corporate governance best practice." The resignations are effective April 24, postponing the vote until May 4. N.B. The above summary was prepared for an upcoming MLex news service covering activist investments. To express interest in a trial, contact customerservices@mlex.com....

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