All the latest news in Tim (Vivendi pro new president)
Tim: facts, numbers, names and rumors
Tim in evidence today in Piazza Affari.
After a muted start, the shares have progressively gained share, up to soar in the Ftse Mib, with an increase of 3.4%, to 0.347 euros (data updated at 12 noon).
The eyes of analysts and investors are focused on Kkr, which Tim's board of directors, according to today's newspapers, has given until April 4 to confirm the offer price and clarify other details of the offer whispered in November.
But to agitate the group (which sees the French Vivendi with 23.75% and Cassa Depositi e Prestiti with 9.81% among the strong shareholders) there is also a question of top management.
"Yesterday some voices spoke of informal consultations between councilors on possible changes that could affect the presidency," wrote the Corriere della Sera .
It is the Vivendi group – according to the reconstruction of Start Magazine – to push for a new president, because for some time the French company has been dissatisfied with the action of Salvatore Rossi (for 43 in the Bank of Italy).
Two names are circulating as Rossi's replacements, according to the newspaper La Verità : the lawyer Michele Carpinelli and Arnaud de Puyfontaine, CEO of the French group.
In environments close to the Ministry of Economy, without referring to precise names, however, it is excluded that he could be de Puyfontaine, that is an organic top manager in Vivendi: it is more likely that he is a non-organic personality to the French group even if appreciated and indicated by Vivendi .
Carpinelli has been special independent counsel of Chiomenti law firm since 2017 and is one of the legal historians of Mediaset and Fininvest.
The name of Carpinelli, therefore, would also be an olive branch of Vivendi towards the corporate galaxy of the Berlusconi family: perhaps useful for system operations between private operators in view of the creation of a service company (in addition to that of the network with Open Fiber), as required by the plan prepared by Tim's CEO, Pietro Labriola.
A company on which the CVC fund is willing to enter as a minority shareholder (yes, in Italy you can publicly apply to be part of a company not yet established that would be the result of a listed group; but it is one of the many, recent , oddities around Tim)
Will it be Carpinelli who will replace Rossi as Tim's presidency?
It's not for sure.
For some time Vivendi has not particularly appreciated Rossi's work also on the case of the whispered takeover of Kkr and on which yesterday the board of directors of the former Telecom Italia decided to ask Kkr for a concrete commitment and to declare the price and conditions at which is willing to launch the takeover bid on Tim ( takeover bid on the whole group and not appreciated by Tim's French partner as well as by government circles, as written by Start Magazine ).
In fact – according to indiscretions collected by Start Magazine – Vivendi asking for guidance from Kkr through the move of the board almost challenges Kkr to confirm the offer price indicated in November, that is 0.505 euros per share of Tim.
This is because in the letter sent by Kkr to Tim in response to the resumption of discussions decided by the Tim board of directors in mid-March, there was no mention of whether or not the € 0.505 indicated in November as the price of a possible total takeover bid was confirmed. turned to delisting, Il Sole 24 Ore stressed today: "And given that in the meantime profit warnings have arrived, a maxi-cleansing of the balance sheet that led to a closure of 2021 with red for 8.7 billion and the downgrades of Moody's, S&P and Fitch, having a clear picture of Kkr's intentions – and certainties on the fact that the US fund does not fan the idea of lowering the quantum – is not an indifferent variable ”.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/tutte-le-ultime-novita-in-tim-vivendi-pro-nuovo-presidente/ on Wed, 30 Mar 2022 10:48:37 +0000.