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  "documentTitle": "Telecom Italia SpA (TIM) (TIT.MI)",
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  "authorName": "Elliott",
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  "presentationDate": "2019-03-01 00:00:00",
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  "notes": "Uses a two-column layout to contrast strategic asset value vs. profit extraction motives.",
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      "kind": "callout",
      "text": "Vivendi is incentivised to shift profits to the detriment of TIM minority shareholders",
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      "text": "TIM is a strategic asset: It is Italy's fourth largest employer and owns assets under Golden Power regimes owing to national interest. Controlling TIM provides Bolloré with helpful leverage in the context of its other Italian investments.",
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      "text": "Profit Dollars for Vivendi: Vivendi is incentivised to shift profits to the detriment of TIM minority shareholders. The Bolloré Group controls Vivendi with 29% of the voting rights.",
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      "text": "Source: Bloomberg, Websites of Vivendi, Mediaset, Mediobanca, and Generali. 1. Calculated using Vivendi economic stake of 18% in TIM... 2. Calculated using Bloomberg (BEST_PE_RATIO) as of 03-May-2019.",
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      "text": "Vivendi's interests in TIM have little – if anything – to do with its stock performance",
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      "kind": "title",
      "text": "So, What are Vivendi's Motives with TIM?",
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