Telecom Italia minority shareholder calls for partnerships rather than divestments
Marco Fossati, the holder of a 5% stake in Telecom Italia (TI) via his Findim holding, has called for the Italian telco to halt any planned divestments and instead focus on partnerships, Italian language daily La Stampa reported. The report cited Fossatti's comments made to analysts at a meeting in London yesterday 6 November.
The report also cited Fossati as saying he also wanted TI to make no dividend payments for a year and issue a seven-year convertible bond of around EUR 2bn.
The report noted Fossati is trying to drum up support among shareholders to put in place a board dominated by independent directors rather than Telefonica, the listed Italian telco.
The report noted the TI board is to meet today.
Source La Stampa