Investors Merlyn, Bluebell puts out rival lists for Telecom Italia board

Rival list for Italia Board: Telecom Italia (TIM) is gearing up for a pivotal board renewal, with activist investor fund Bluebell and minority shareholder Merlyn unveiling rival lists of candidates. Shareholders are poised to cast ir votes on April 23, with current CEO Pietro Labriola seeking reelection alongside nominees endorsed by TIM's outgoing directors. Meanwhile, a slate from small investors' group ASATI ds furr complexity to mix.

Bluebell's slate, led by former TIM director Paola Giannotti De Ponti, notably lacks CEO candidates, while Merlyn's list boasts 10 names, including former TIM deputy general manager Stefano Siragusa for CEO role and former Microsoft executive Umberto Paolucci for chairmanship. ASATI's slate, however, omits candidates for top executive positions.

This board shake-up unfolds against backdrop of Labriola's contentious proposal to sell TIM's fixed network assets to U.S. fund KKR, aimed at tackling company's towering debt levels. Labriola faces intensified scrutiny following TIM's recent share price plunge, triggered by concerns over financial implications of asset sale. While Italian government backs deal, TIM's major shareholder, Vivendi, stands in opposition.

With a significant 24 per cent stake, Vivendi's support could sway Labriola's reelection prospects if it aligns with a slate vocating for a new CEO. However, Merlyn's endorsement of KKR deal suggests potential common ground with Labriola's strategy.

TIM's shares have endured a turbulent year, plummeting by over 23 per cent, underscoring mounting pressure on Labriola to navigate company through this pivotal juncture in its trajectory.