Telecom Italia seen giving minority investors more say

Telecom Italia (TIT.MI) is likely to have to give minority investors more say after narrowly surviving an attempt by rebel shareholders to throw out the board, potentially complicating decisions over its prized Brazilian business. Investor Marco Fossati, who owns a 5 percent stake, has led a campaign against the growing influence of top shareholder and rival Telefonica (TEF.MC), fearing the Spanish group might force a rushed sale of Telecom Italia’s TIM Brasil (TIMP3.SA) unit to further its own ends in the fast-growing Latin American market. Telecom Italia is controlled by Telco, an investment vehicle owned by Telefonica and three Italian investors – Generali (MIL:G), Mediobanca (MB.MI) and Intesa Sanpaolo (ISP.MI). Telecom Italia investors on Friday rejected by a thin majority of 50.3 percent Fossati’s proposal to oust the board.

    

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