|Bid||6.16 x 1800|
|Ask||6.16 x 1200|
|Day's Range||6.16 - 6.22|
|52 Week Range||4.94 - 11.28|
|Beta (3Y Monthly)||0.50|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||8.77|
Come the annual general meeting on March 29, they will need to back either the slate of directors proposed by Vivendi SA, the biggest shareholder, or the incumbents supported by activist Elliott Management Corp. Elliott, run by Paul Singer, is in favor of the latter. This dovetails with the government’s desire to create a single national fiber network by merging the division with Open Fiber SpA, a joint venture between Cassa Depositi e Prestiti SpA and utility Enel SpA.
ROME (Reuters) - A board meeting at Telecom Italia (TIM) on Thursday did not discuss the fate of Chairman Fulvio Conti, a source with knowledge of the matter said.
Irish shares outperformed the rest of the euro zone on Tuesday after Britain and the European Union agreed tweaks to Britain's withdrawal agreement that eased some fears of no-deal Brexit on March 29. Britain's FTSE 100 fell 0.1 percent as a surge in sterling after British Prime Minister Theresa May won last-minute assurances from the European Union weighed on the multinational exporters that dominate the index. British lawmakers who rejected May's withdrawal agreement in January are due to vote on the Brexit deal again on Tuesday.
, the U.K. bank, New York-based Sherborne Investors is campaigning for a board seat and an overhaul of the business. This doesn’t sit well with some long-term owners of the bank because Sherborne is pushing Barclays to dramatically restructure its global investment bank. It doesn’t help that Barclays stock is down roughly a fifth since Sherborne first got involved.
MILAN (Reuters) - Telecom Italia has reached a deal with the trade union on 4,300 job cuts, a source familiar with the matter said on Wednesday.
In a 48-page document that outlines concerns with five directors backed by Elliott Management Corp., Telecom Italia’s largest shareholder reiterated calls to replace them with candidates proposed by the French media company. “Vivendi believes that only such a board will have the credibility and trust of all shareholders to objectively analyze any industrial strategic options, including those for Telecom Italia’s fixed network,” it said. Vivendi and the U.S. activist investor Elliott have been battling over the future of the former phone monopoly for almost a year.
Telecom Italia's (TIM) main shareholder Vivendi said on Sunday it would back a merger of the fixed-line networks of TIM and rival Open Fiber if conditions were right, while renewing its attack on U.S. activist fund Elliott. Elliott, which owns just under 10 percent of TIM, is locked in a battle with Vivendi over how to re-launch the debt-laden firm after last year wresting control of its board from the French media giant. In a series of slides, Vivendi said TIM's fixed network was core to value creation, adding it would support a merger of Open Fiber with TIM if conditions were right from an operational, financial and regulatory standpoint and overseen by an independent board.
Telecom Italia said it would keep its dividend stable, despite reporting a 2018 loss, hit by billions of euros in one-off charges.
Telecom Italia (TIM) on Thursday pledged to accelerate cost cutting, increase shareholder returns, cut debt and grow core profits from next year in the first three-year strategy plan under new Chief Executive Luigi Gubitosi. TIM has been caught in a battle since early last year between top shareholders Vivendi and activist fund Elliott over how to revive Italy's biggest phone group, an underperforming business saddled with more than 25 billion euros (22 billion pounds) of debt. Setting its plan for 2019-21, TIM sought to convince investors it can reverse years of sluggish share price performance and cope with new rivals that are appearing in both broadband and mobile: broadband group Open Fibre is rolling out a rival fibre optic network, while French telecoms group Iliad has launched a low-price mobile offer for Italy.
Vodafone Group’s Italian subsidiary and Telecom Italia have signed a memorandum of understanding to enter a network partnership, the companies said late Thursday.
Telecom Italia and Vodafone said on Thursday they plan to enter into a new infrastructure sharing partnership to enable faster deployment of fifth-generation mobile phone services over a wider geographic area and at a lower cost. In addition, they also plan to evaluate combining their 22,000 telecom towers in Italy into a single entity, potentially merging Vodafone's tower infrastructure with that of INWIT, the masts group 60-percent owned by Telecom Italia.
The United States' ambassador to Italy, Lewis Eisenberg, met Telecom Italia (TIM)'s CEO Luigi Gubitosi on Wednesday, the U.S. embassy said. The U.S embassy and Telecom Italia declined to comment when asked if the visit was related to U.S. demands that its European allies do not use technology supplied by China's Huawei International.
The U.S. ambassador to Italy, Lewis Eisenberg, visited the Rome headquarters of Italian phone group Telecom Italia on Wednesday, a Reuters witness said. The U.S embassy and Telecom Italia declined to comment when asked if the visit was related to U.S. demands that its European allies do not use technology supplied by China's Huawei International. Huawei, the world's biggest producer of telecoms equipment, faces international scrutiny over its ties with the Chinese government and suspicion Beijing could use its technology for spying -- something the company has denied.
Italian state lender Cassa Depositi e Prestiti has raised its stake in Telecom Italia to just above 5 percent, a source close to the matter said on Tuesday. The source said the purchase of further Telecom Italia (TIM) shares depended on the phone group's new business plan. On Thursday CDP, which has a stake in TIM of just under 5 percent, said its board had approved the purchase of additional shares but gave no further details.
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Reports of progress in U.S.-China trade negotiations and hopes of a new scheme to support euro zone banks drove a strong rally in European stocks, which posted their best week since November and reclaimed three-month highs. "UMG has continued to deliver strong organic revenue growth with paid streaming accelerating quarter-on-quarter throughout 2018," UBS analysts said.
Weak inflation data from China sent European stocks slipping further on Friday, with car shares and Germany's DAX the worst hit. The German index, the most sensitive to China due to its large share of exporters, fell 0.6 percent with car manufacturers BMW, Daimler, and Volkswagen leading losses. Europe's STOXX 600 managed, barely, to hover flat as gains in telecoms and industrials helped offset the China strain.
SpA (TIT.MI), in which Vivendi is a major shareholder. It blamed the drop on the EUR1.07 billion writedown of the value of the Telecom Italia shares. Vivendi’s most profitable subsidiary Universal Music Group revenue increased 10% to EUR6.02 billion, at constant currency and perimeter, while Canal+ Group revenue was stable at EUR5.17 billion.
Telecom Italia's main shareholder Vivendi has asked the company's auditors to probe the workings of the firm's board and general governance issues, according to a document seen by Reuters on Friday. Vivendi asked the auditors to investigate whether the removal of former Telecom Italia (TIM) CEO Amos Genish late last year complied with company procedures with no conflict of interest, according to the letter dated January 23 which was also copied to market regulator Consob. Since early last year TIM has been caught up in a battle between Vivendi and activist fund Elliott over how to revive Italy's biggest phone company.