April 30, 2020 / 6:12 PM / a month ago

Elliott trims stake in Telecom Italia further to 5.13%

MILAN, April 30 (Reuters) - U.S. hedge fund Elliott Management has further cut its stake in Italy's biggest phone group Telecom Italia (TIM), a regulatory filing showed on Thursday.

Elliott held a 5.127% stake in the phone carrier as of April 28, according to Italian stock market regulator Consob, down from 6.976% previously.

Paul Singer's activist fund in March had trimmed its stake in TIM from 9.72%, in a move that a person familiar with the matter attributed to "portfolio rebalancing" decisions, amid market turmoil caused by the COVID-19 pandemic.

Reporting by Elvira Pollina; editing by Valentina Za

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