MILAN, Jan 21 () - Activist fund Elliott said that Telecom Italia's (TIM) board must take the necessary steps to spin-off its network assets with no delay.
The Italian telecoms group on Sunday suffered a setback in its plan to assuage pressures for a separation of its prized network assets by placing them into a wholly owned subsidiary, as the industry regulator said it was opposed to the proposal.
The watchdog decision confirms that the plan for the network put forward by TIM's main shareholder Vivendi is not sufficient for a change in regulatory framework, Elliott said in a statement on Monday.
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