Economy

Telecom Italia shares jump as activist Elliott expands its stake

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Shutterstock photo

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LONDON, Jan 31 (Reuters) - Telecom Italia shares surged on Thursday, up as much as 4.8 percent, after filings showed U.S. activist investor Elliott Management raised its stake in the Italian telecoms firm.

Filings from the Securities and Exchange Commission showed Elliott increased its stake in Telecom Italia to 9.4 percent from 8.8 percent.

The investor, which has been putting pressure on Telecom Italia to restructure its board and battling with majority shareholder Vivendi, said the stock is "undervalued" and represents an "attractive investment opportunity", according to the filing.


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