Elliott further trims stake in Telecom Italia

MILAN: U.S. hedge fund Elliott Management has further cut its stake in Italy’s biggest phone group Telecom Italia (TIM), a regulatory filing showed, amid an ongoing portfolio rebalancing as COVID-19 rocks financial markets.

Paul Singer’s activist fund first invested in TIM in 2018 and went on to challenge its top investor, French media group Vivendi, managing to secure two-thirds of board seats at the former telecoms incumbent.

Elliott took part in TIM’s annual general meeting last week as the group’s third-largest investor behind Vivendi and Italian state-owned lender CDP.

Italian stock market regulator Consob said on Thursday Elliott on April 28 had cut its stake in TIM to 0.265% from 6.976% previously.