MILAN (Reuters) – Activist investor Elliott Management has bought 6 percent of Telecom Italia (TLIT.MI) and plans to challenge top shareholder Vivendi (VIV.PA) by presenting an alternative business plan for the Italian phone group, la Repubblica daily reported on its website.
Bloomberg reported on Monday Elliott was building a stake in Telecom Italia.
Both Telecom Italia, whose board meets on Tuesday to approve a new business plan, and Elliott declined to comment.
Shares in Telecom Italia rose 5.3 percent by 0912 GMT.
Reporting by Valentina Za; editing by Francesca Landini