The future for Italian incumbent Telecom Italia (TIM) remains uncertain, at a crucial time when the new mobile entrant, Iliad, has succeeded in capturing 2.2% of the market in just one quarter of operation. The largest shareholder in TIM, Vivendi of France, had proposed spinning off the telco’s network operations into a separate subsidiary, but this was rejected by regulator AGCOM. This provoked an angry reaction from TIM’s activist investor and second biggest shareholder, Elliott. “The decisions taken by the previous Vivendi-dominated board…have resulted in a year of value destruction and time wasted at the expense of TIM, its shareholders and the entire country,” an Elliott spokesperson told TelecomTV. Early last year, Vivendi executive and then-TIM CEO, Amos Genish, suggested…