Telecom Italia to hold board meeting on Nov. 11 at Vivendi’s request: Sources

MILAN: Telecom Italia (TIM) plans to hold a board meeting on Nov. 11 in response to pressure from top investor Vivendi after Italy’s biggest telecoms company cut its core profit guidance for the second time in a few months, two sources familiar with the matter said on Saturday.

A source close to the matter had told Reuters on Thursday that Vivendi, which holds a 24% stake in TIM, has been pushing for an extraordinary board meeting to discuss plans to reorganise the company and turn around its domestic business, piling pressure on CEO Luigi Gubitosi.

Vivendi and TIM declined to comment.