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Report: Telecom Italia chairman to step down

Fulvio Conti is expected to step down as chairman of Telecom Italia SpAs, in a move that signals the battle for influence between the phone company's main shareholders may be nearing an end, Reuters reported, citing two sources.

Conti's departure may be announced at the company's board meeting scheduled for late September, according to one of the sources. U.S. activist fund Elliott Advisors (UK) Ltd., which controls about two-thirds of Telecom Italia's board, appointed Conti in May 2018.

Telecom Italia's top investor, Vivendi SA, and Elliott have since been fighting for control of Telecom Italia. Vivendi in January requested for changes in the Italian company's governance, and specifically sought to revoke the appointment of five board members nominated by Elliott.