Because the government tugs Enel on the network between Tim and Open Fiber
Single network dossier between Tim and Open Fiber at the center of the letter that ministers Gualtieri and Patuanelli sent to Crisostomo and Starace of Enel. Facts, names, numbers and comments
The government tugs Enel to accelerate on the single network between Tim and Open Fiber. Also to be able to use the funds of the Next Generation Eu for this purpose. Here are all the details.
PATUANELLI AND GUALTIERI WRITE TO STARACE AND CRISOSTOMO OF ENEL
The realization of the single telecommunications network project would favor the technological transition of the country and the activation of the funds of the Next Generation Eu, the so-called Recovery fund. And "in the current health emergency situation, this goal is extremely urgent and cannot be postponed". This is what the ministers of Economy, Roberto Gualtieri (Pd), and of Economic Development, Stefano Patuanelli (M5S) write to Enel in a letter sent to the president of the energy group Michele Crisostomo and to the CEO, Francesco Starace .
THE LETTER TO ENEL
Enel is listed and for this reason the request is soft, stresses Ansa . The government – it is written in the letter from the ministers sent to Enel's top management – “hopes that, in the context of its decision-making autonomy, the choices of this company will contribute to the success of a project of crucial economic and social importance for the country”.
FIBERCOP DOSSIER BETWEEN ENEL AND TIM
The letter from the exponents of the Conte government is in fact a pressing invitation – given the stalemate between Tim and Enel with lots of jabs between the top management of the two companies – to favor the wedding between Open Fiber, controlled by Enel and Cdp, and FiberCop , the newly formed infrastructure company controlled by Tim and owned by Kkr and Fastweb. "In the current situation of health emergency – it is explained in a passage of the letter – this goal is extremely urgent and cannot be postponed".
OPEN FIBER DOSSIER
"In relation to the evaluation of the purchase offers for Enel's stake in Open Fiber – the two ministers write – the government hopes that this company, in pursuit of the corporate interest, will consider the strategic importance for the country of the project to establish the so-called" single "national network, ie an integrated network, open to access and co-investment by all interested market operators".
DOSSIER NEXT GENERATION EU
The reference is to the purchase proposal for the stake in Open Fiber deposited on the Enel table by the Australian fund Macquarie which valued the company about 7.7 billion. "The government believes that this project – continues the letter – is the starting point for allowing the optimization and enhancement of fiber optic infrastructure investments, accelerating the country's technological transition, in line with the objectives outlined in the Next Generation plan EU, and thus ensuring, as soon as possible, to citizens and businesses effective, efficient, safe and equal access to public services ".
WHAT THE MINISTERS WRITE TO ENEL
"In consideration of these hoped-for effects, which we consider extremely positive for the country – conclude the two ministers – the government, as publicly stated several times, welcomes the creation of the company of the so-called" single network "- provided that, as communicated to the market at the end of last August by the promoters, independence and impartiality are guaranteed – and hopes that, in the context of their decision-making autonomy, the choices of this company will contribute to the success of a project of crucial economic and social importance for the country, with the full awareness, on the part of whoever buys, of the objectives outlined above ".
THE COUPLE OF THE EVENING COURIER
Corriere della Sera snorts a little: "The State is present in all the junctions of the plan for the single network: through the CDP it has 10% of Tim and 50% of Open Fiber, which for the other 50% is headed by Enel, of which the Treasury controls 23.6%. But, although the strategic nature of the single network is out of the question, where there is a shareholder state, the logic by which shares weigh themselves cannot be followed. In terms of the single network, there is great attention from large international funds that want to invest in a strategic project for the country. The government has done a lot to ground the negotiations between Tim and the CDP and solicit a decision by Enel. It is logical that Gualtieri and Patuanelli look with concern at the risk of a stall. But the boards of listed companies such as Enel or Tim answer to thousands of shareholders, including large international funds, and the power of influence is more correct if they continue to follow the rules of governance ”.
THE ANALYSIS OF THE SUN 24 HOURS
But where would Enel's stalemate come from? "The situation had begun to deteriorate in recent days, when Macquarie, the fund that submitted a binding offer (worth over 8 billion, including debt) for Enel's stake in the fiber company, sent a letter to Open Fiber to request authorization to share the models with which the Australian investor had developed the valuation of the company with other investment funds. Authorization required because Macquarie has signed a very stringent non-disclosure agreement with Open Fiber. This is not a request for access to the data room for other investors, but it does not differ much because the authorization concerns the sharing of information processed on the data room numbers ", wrote Il Sole 24 Ore :" To this request, the another Open Fiber shareholder, CDP, would have represented objections. Macquarie's letter stems from the need to share the risk of an important investment: it is not an anomalous fact, also because Macquarie would keep control of the shareholding and all voting rights. The ways in which the operation with Enel matured, however, now highlights some limitations. There was no investor selection process, with equal access to information, but the deal was the result of an “indispensable” offer made by the Australians to Enel, which in theory did not want to sell. The request of the other funds called upon to review the purchase from Macquarie, however, somehow takes the form of access to the data room. The partners of the Australians obviously do not feel like buying in a poke. But opening the doors to them, in this context, can legitimize other investors interested in joining Open Fiber to ask for the same opportunity themselves. Starting with Kkr, which closed an agreement with Tim to acquire a stake in FiberCop, which in perspective would be destined to converge with Open Fiber towards the single network ".
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/innovazione/perche-il-governo-strattona-enel-sulla-rete-fra-tim-e-open-fiber/ on Tue, 24 Nov 2020 09:51:41 +0000.