Shareholders have ousted the previous board, dominated by French conglomerate Vivendi. :
Telecom Italia's shareholders have voted to form a new board, ending a bitter battle for control between activist investor Elliott Management and French conglomerate Vivendi. Elliott Management, an activist fund run by its billionaire founder Paul Singer, won the vote securing two-thirds of seats on Telecom Italia's board. Elliott had accused Vivendi of failing shareholder interest in Italy's biggest phone company and subsequently forced Friday's vote over the company's stewardship.