{ "docId": "019dd923-622c-750b-8b9c-6ca5cdf749cf", "docSlug": "1d2c5c03ff59", "documentTitle": "Telecom Italia SpA (TIM) (TIT.MI)", "authorId": "02_Elliott_Management", "authorName": "Elliott", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.4444444, "pageNumber": 33, "pageCount": 40, "prevPage": 32, "nextPage": 34, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "Includes a complex organizational chart diagram from a Muddy Waters report.", "elementsJson": [ "headline_text", "subtitle_text", "paragraph", "quote_block", "screenshot", "process_diagram" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9c-6ca5cdf749cf/33", "deckHref": "/decks/019dd923-622c-750b-8b9c-6ca5cdf749cf", "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-6ca5cdf749cf.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-6ca5cdf749cf#slide-33", "components": [ { "bbox": null, "kind": "callout", "text": "Bolloré's circular ownership structures across his complex entities are used to entrench control and exploit gains at the expense of other minority shareholders", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-ee3b-7248-a18c-d899eba51233", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.6, "x": 0.35, "y": 0.41 }, "kind": "image", "text": "Diagram of ownership of Financière Moncey", "attrs": null, "subkind": "infographic", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "51b10f1a-2028-46ea-a9d3-c4b7af9b37b1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.4, "x": 0.05, "y": 0.21 }, "kind": "paragraph", "text": "In 2015, Muddy Waters Research wrote an extensive report articulating the complexity of Bolloré SA. The report can be found at: www.muddywatersresearch.com/research/bol/complexity-creating-arbitrage", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0135f5e6-43f6-44fd-8551-3631f4d23968", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.3, "x": 0.05, "y": 0.73 }, "kind": "quote", "text": "There is a sense that Vivendi is now being run in a less transparent way, with one investor making decisions based on information which we don't have.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0d8a2b36-ce91-49dd-b40b-23fdea528012", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.3, "x": 0.05, "y": 0.31 }, "kind": "quote", "text": "BOL has likely been misunderstood because the complexity of its structure makes it infeasible to use Excel to estimate the percentage of circular ownership. We engaged consultants that created a program to do the calculations necessary. The main issue with understanding BOL's structure is that it has circles within circles within circles.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9932e7b7-ce8d-49de-ab35-8a75cabfc184", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.3, "x": 0.05, "y": 0.58 }, "kind": "quote", "text": "Counseled by who would become his mentor, Antoine Bernheim, Bollore created a series of holding companies. And invested in a plethora of industrial activities. \"It is absurd in the context of economic efficiency, but intelligent in the context of dynastic continuity,\" explains Bolloré.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ce659d76-2998-47c7-b633-850b801ffead", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.3, "x": 0.05, "y": 0.48 }, "kind": "quote", "text": "Analysts call Bolloré SA one of the most complicated business structures they've seen, designed to protect family control. Children of Vincent Bolloré run key businesses.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e3626e3b-27dc-4b61-8213-89a6982c8f54", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"BOL has likely been misunderstood because the complexity of its structure makes it infeasible to use Excel to estimate the percentage of circular ownership. We engaged consultants that created a program to do the calculations necessary. The main issue with understanding BOL's structure is that it has circles within circles within circles.\" — Muddy Waters, February 17, 2015; \"Analysts call Bolloré SA one of the most complicated business structures they've seen, designed to protect family control. Children of Vincent Bolloré run key businesses.\" — Barron's, January 13, 2018; \"Counselled by who would become his mentor, Antoine Bernheim, Bollore created a series of holding companies. And invested in a plethora of industrial activities. 'It is absurd in the context of economic efficiency, but intelligent in the context of dynastic continuity,' explains Bolloré.\" — Géraldine Meignan, L'Express, June 1, 2010; \"There is a sense that Vivendi is now being run in a less transparent way, with one investor making decisions based on information which we don't have.\" — Claudio Aspesi, Bernstein Research, March 8, 2015", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-ee3b-7248-a18c-dddef89b2fa5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.11 }, "kind": "title", "text": "Bolloré's circular ownership structures across his complex entities are used to entrench control and exploit gains at the expense of other minority shareholders", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "58b5a41c-cecf-41f8-84e8-33fe6ddbea8b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.05, "y": 0.06 }, "kind": "title", "text": "Transparency: Impossibly Complicated Structures", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "47d2d695-d2a6-4c06-acfb-1d2050bce4a0", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "d94e57d7-de80-4fad-ba43-9893d065e11b", "evidence": "Exposing complex circular ownership structures as a mechanism for minority shareholder exploitation.", "confidence": 0.9 } ], "arcBeats": [ { "to": 39, "from": 21, "beatId": "2923adef-f97c-4b6e-b912-edd656f27057", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The document provides a solution by presenting an alternative slate of nominees and highlighting the benefits of independent governance", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }