"Telecom Italia Board Considers Elliott's Proposed Agenda Changes Unlawful," at 0533 GMT, misstated the board's action in the second paragraph. The board disagreed with the auditors' decision but didn't overturn it. The article also misrepresented the board's decision in the first paragraph. The board disapproves of adding Elliott's proposals to its April 24 agenda and plans legal action to exclude them, but didn't outright strike them. Finally, the article misrepresented the timeline in the fourth paragraph. Eight Telecom Italia board members resigned after Elliott had made a request to replace six of them. The correct version follows:

 
   By Alberto Delclaux

Telecom Italia SpA's (TIT.MI) board of directors said on Monday that it considers adding a request by Elliott Management Corp. to nominate six board members to its April 24 annual general meeting unlawful and may pursue legal action to strike it from the agenda.

After a meeting on Monday, Telecom Italia's board--with five contrary votes--said it dissociated itself from a decision made by the board of statutory auditors to include Elliott's proposal in the agenda, adding that it would send documents to Italian regulator Consob for consideration of the matter.

The tussle between shareholders Vivendi SA (VIV.FR) and activist investor Elliott resulted in the resignation announcements of eight Vivendi-affiliated board members in late March, forcing a complete reshuffle of the board.

Telecom Italia called a shareholders' meeting for May 4 to vote on a new board, but then the auditors decided to supplement the agenda with a previous request from Elliott to nominate six board members at the AGM. Elliott said that if shareholders supported its proposal, the May 4 meeting needn't take place.

Vivendi holds a 24% stake in the telecom. Elliott on Monday said it raised its stake to 8.8%.

Late Monday, Telecom Italia confirmed the call of notice to a separate shareholders' meeting on May 4, to proceed with the full renewal of the board.

Read more about the Telecom Italia tug-of-war on: https://on.wsj.com/2GKAIUX

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

(END) Dow Jones Newswires

April 10, 2018 04:06 ET (08:06 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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