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  "documentTitle": "Telecom Italia SpA (TIM) (TIT.MI)",
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  "authorName": "Elliott",
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  "presentationDate": "2018-04-05 00:00:00",
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  "notes": "The diagram illustrates the flow of capital and the conflict of interest between Bolloré, Vivendi, and TIM minorities.",
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      "text": "Vivendi trades at a 2018 P/E of 22.4x compared to TIM at 10.0x, such that when capitalisation effects are included, $1 of profit at Vivendi is 12x better for Groupe Bolloré than making the same $1 profit at TIM",
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      "text": "Groupe Bolloré controls Vivendi with 30% of the voting rights and 21% of the shares. Groupe Bolloré gets almost 6x more of each $1 of profit at Vivendi, compared to the same $1 profit at TIM, as TIM profits are shared with minorities representing 82% of the economic capital",
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      "text": "Examples of Vivendi attempts to shift value from TIM to itself include: TIM / Canal Plus JV, TIM content acquisition contract with Mediaset, Advertising mandate awarded from TIM to Havas, Appointing Michel Sibony",
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