Elliott ups potential stake in T. Italia to 13.7pc as showdown with Vivendi looms

Elliott and its affiliate funds hold around 8.8 percent of TIM's ordinary shares, the filing showed on Monday.

The activist investor also owns call options relating to 750 million ordinary shares. Those call options amount to an additional potential stake of 4.9 percent stake, according to Reuters calculations.

On top of the ordinary shares, the fund led by American Paul Singer, has accumulated 169.5 million saving shares in Italy's biggest phone group.