Elliot wants changes at New Zealand Telecom

August 12th, 2008
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Elliot International, a US-based hedge fund, has targeted New Zealand's largest fixed-line phone company, NZ Telecom. Elliot has nominated two candidates to join NZ Telecom's board; Mark Tume and Mark Cross. Elliot wants the company to separate its retail and network business as well as change its strategy to drive `earnings growth.' NZ Telecom Chairman Wayne Boyd, said while the options will be discussed, it is not in the best interest of the shareholders to separate the company. Elliot currently holds a 3% stake in telecommunications company.
For Detailed Investor Profiles on these Investors, click below:
Elliott Management Corporation
Related People: Brian Miller*; Gordon Singer; Jon Pollock; Paul Singer
Related Entities: Elliott Associates; Elliott International; Elliott Management Corp

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