MILAN (Reuters) - Activist investor Elliott Management has bought 6 percent of Telecom Italia <TLIT.MI> and plans to challenge top shareholder Vivendi <VIV.PA> by presenting an alternative business plan for the Italian phone group, la Repubblica daily reported on its website.
Bloomberg reported on Monday Elliott was building a stake in Telecom Italia.
Both Telecom Italia, whose board meets on Tuesday to approve a new business plan, and Elliott declined to comment.
Shares in Telecom Italia rose 5.3 percent by 0912 GMT.
(Reporting by Valentina Za; editing by Francesca Landini)