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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 external media and analyst quotes to frame the governance issue as an exploitation of minority interests.",
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      "kind": "callout",
      "text": "Minority shareholders are treated as second-class citizens in Bolloré's Empire",
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      "kind": "paragraph",
      "text": "Plans are already in motion to ensure that Bolloré's control over Vivendi is absolute",
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      "text": "On February 14, 2017, Vivendi announced that it will be advocating for a share repurchase plan to push Bolloré voting rights above 50%",
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      "text": "French billionaire Vincent Bolloré treats publicly listed Vivendi like a family hedge fund... The 30 billion-euro conglomerate has subpar corporate governance... Bolloré's Vivendi fortress would be almost impregnable if he has nearly two-fifths of the vote.",
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      "text": "Bolloré using VIV's balance sheet to increase his stake/share of UMG's upside... We believe Bollore is effectively getting creeping control for a very small premium... Rather it is Bolloré exploiting Vivendi's discount to his (and our) fair value.",
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      "text": "\"French billionaire Vincent Bolloré treats publicly listed Vivendi like a family hedge fund... The 30 billion-euro conglomerate has subpar corporate governance: Bolloré single-handedly calls the shots... Bolloré's Vivendi fortress would be almost impregnable if he has nearly two-fifths of the vote.\" — Liam Proud, Reuters, February 15, 2019; \"Bolloré using VIV's balance sheet to increase his stake/share of UMG's upside. In our view, investors should reject the OPRA... We believe Bollore is effectively getting creeping control for a very small premium... Rather it is Bolloré exploiting Vivendi's discount to his (and our) fair value.\" — JP Morgan, February 15, 2019",
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      "text": "Shareholder Rights: Plans to Fortify Vivendi for Generations",
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