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Telecom Italia shareholders back Vivendi offer to drop board reshuffle bid

Reuters

ROZZANO, Italy (Reuters) - Telecom Italia shareholders on Friday approved top investor Vivendi's offer to withdraw a request to replace some board directors at the Italian phone group.

Vivendi held out the olive branch on Friday to resolve a bitter dispute with rival shareholder U.S. fund Elliott that has hobbled Italy's biggest phone group over the past year.

More than 95 percent of the shareholders present on Friday voted in favour of dropping the board reshuffle vote.

(Reporting by Agnieszka Flak, editing by Valentina Za)