MILAN (Reuters) - U.S. hedge fund Elliott Management has further cut its stake in Italy's biggest phone group Telecom Italia (MI:TLIT) (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.
The Consob filing showed Elliott held 4.862% of TIM through a cash-settled swap contract with JPMorgan (NYSE:JPM) expiring on May 30, 2023. Its voting rights amount to just 0.265% of TIM's capital.
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.
The person said on Thursday that the latest move also was connected to portfolio rebalancing needs.