Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n° 301

Posts Tagged ‘elliot’

Elliott Statement on Telecom Italia

Posted by fidest press agency su mercoledì, 3 aprile 2019

Elliott Advisors (UK) Limited (“Elliott”) welcomes Vivendi’s decision to withdraw its request to shareholders to revoke five of Telecom Italia’s (“TIM”) Directors, a clear sign that Vivendi understands that there is broad support for TIM’s existing independent Board. This outcome is a victory for the Company and paves the way for stability and sustained value creation for all of TIM’s stakeholders. Elliott remains fully supportive of CEO Luigi Gubitosi, the Company’s management team and the existing independent Board, and looks forward to constructive dialogue with all stakeholders to pursue a value maximising path forward for the Company.
Elliott Management Corporation manages two multi-strategy funds which combined have approximately $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.

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Elliott Submits Agenda Item for EDP’s Upcoming AGM

Posted by fidest press agency su domenica, 31 marzo 2019

Funds advised by Elliott Advisors (UK) Limited (together, “Elliott”) have requested the addition of an agenda item to the upcoming Annual General Meeting (“AGM”) of EDP – Energias de Portugal, S.A. (“EDP” or the “Company”) – providing shareholders with a vote on one of the key conditions precedent for the takeover bid submitted by China Three Gorges Europe S.A. (“CTG”) in May 2018 (the “Bid”). Elliott believes the proposed resolution – a vote on the amendment of EDP bylaws to lift an existing 25% cap on voting rights – will clarify EDP’s existing situation vis-à-vis the Bid, thus resolving the current impasse and affording EDP a clear pathway forward.Since outlining its views last month on how EDP should invest in growth and optimise its portfolio to deliver superior value, Elliott has been encouraged by the constructive response received from a diverse set of stakeholders. EDP’s Strategic Update presented on 12 March 2019 marked an important first step in the right direction, and while Elliott remains encouraged by this progress, a stronger and accelerated portfolio optimisation plan is ultimately needed to drive sustained value creation and superior growth.To pursue a more ambitious strategy and plan for the future, EDP needs to overcome the significant uncertainty created by CTG’s takeover bid. Today, there exists a clear consensus among stakeholders: CTG’s Bid in its current form is not in the best interests of EDP. The offer price falls far short of what would be required to garner shareholder support.In its own detailed assessment of the Bid published on 8 June 2018, EDP’s Executive Board of Directors itself concluded, “The price offered does not adequately reflect the value of EDP and the implied offer premium is low considering what is customary for European utilities where the offerors have acquired control.” Beyond its failure to reflect fair value, Elliott believes the Bid would also significantly weaken EDP, leaving the Company with a less attractive asset mix and fewer growth opportunities.
On a more practical level, Elliott is not aware of any significant progress on the numerous conditions precedent required for the transaction to proceed, including approval from major anti-trust, foreign investment, energy and other regulatory bodies around the world. Not only have major regulatory bodies not approved the transaction, but CTG has yet to file the necessary applications in most major jurisdictions.Among other key requirements for the Bid, shareholders must amend EDP’s bylaws and lift an existing 25% cap on voting rights. Common in Portugal, the voting cap aims to protect against a large shareholder exerting undue power over a company without paying a premium to shareholders for this effective control. In the case of EDP, lifting the cap would signal support for a takeover by the largest shareholder without a proper premium. If shareholders reject the lifting of the voting cap, the Bid would not meet a required condition precedent. Unless that condition is then immediately waived by CTG, Elliott believes there would be sufficient cause for the Portuguese authorities to terminate the Bid.In its request submitted to the Vice-Chairman of EDP’s Board of the General Shareholders’ Meeting on 27 March 2019, Elliott has therefore proposed an agenda item for the 24 April 2019 AGM, in which shareholders will be able to vote on whether EDP should lift the 25% cap on voting rights of any shareholder, subject to the successful completion of the CTG’s Bid. In calling for this vote, Elliott is making clear that it intends to vote against the resolution and recommends all fellow shareholders do the same. Should the resolution fail to receive a supermajority of two thirds of shareholders present at the 24 April 2019 AGM, the voting cap will remain in effect. Such a result should not only allow for a prompt termination of the Bid in its current form, but will also provide the Company with the necessary clarity to plan for the future.Elliott continues to fully respect CTG’s position as EDP’s largest shareholder, and in any scenario going forward, Elliott recognizes that CTG will have an important role to play in charting EDP’s future. Elliott remains committed to constructive engagement with EDP’s General and Supervisory Board, EDP’s Executive Board of Directors, and its fellow shareholders – including CTG – to advance long overdue reforms that can help secure a brighter future for EDP.

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Carvelli: Quando tutto sarà finito

Posted by fidest press agency su martedì, 27 febbraio 2018

Milano Giovedì 1 marzo 2018, ore 18 Casa della Memoria via Federico Confalonieri 14 Salvatore Carvelli: Quando tutto sarà finito ne discute con Barbara Vasco. Il romanzo è incentrato sulle vicende di due amici d’infanzia e delle loro compagne nei drammatici anni della Seconda Guerra Mondiale, a Milano, tra il 1943 e il 1945: Mario, partigiano della Resistenza, e Toni tesserato e milite fascista. Gli ideali opposti finiranno per coniugarsi nell’amor di patria e nella libertà, nell’amicizia, lasciando ampio spazio a riflessioni nelle quali i protagonisti affronteranno il loro stesso essere, il senso di tutto ciò che sono la guerra e il dolore, l’amore e la giustizia, il vivere, il tormentato e complesso vivere.Salvatore Carvelli è nato e vive a Milano. Nel 2016, con Giuliano Ladolfi Editore, ha pubblicato la raccolta di poesie Verso Te, e il romanzo Il mare d’inverno. Barbara Vasco è professoressa di Lettere e Storia presso la Scuola Media di Rozzano. Ha pubblicato con Elliot il libro giallo Cosa diranno i vicini.

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