Tim burns the Charter of Vivendi (which is now focusing on Mediaset?)
Here's the latest on Tim and Vivendi's messed up mess. Facts, names, rumors and insights
Everything as expected ( from Start Magazine ): Vivendi's fool in Tim has come true. The board of directors of the telephone group – which has the French giant as its first shareholder – rejected the name of Luciano Carta as the new director. Instead, the name of Alessandro Pansa (in the photo), current president of Telecom Italia Sparkle and Telsy, two subsidiaries of Tim, has passed.
Here are facts, insights, and scenarios about Vivendi's next moves.
HERE'S HOW AND WHY TIM'S BOD REJECTED CARTA SUGGESTED BY VIVENDI
Tim's advice makes room for Alessandro Pansa. The co-optation of the current president of Sparkle, the former head of the Police and the Dis, took place yesterday by a majority in the board of directors of the Tim group and the new director replaces Arnaud de Puyfontaine, the company head of the Vivendi group who left the board in January ( with a decision never fully explained and which was not at all appreciated by the Italian institutions).
Tim's nomination committee brought two candidates to the board of directors: in addition to Pansa, there was also the former general of the Guardia di Finanza and former president of the Leonardo group Luciano Carta, suggested by Vivendi ( here the in-depth analysis of the origin of the indication ). The orientation of co-opting someone who already knows the company prevailed, underlined Corriere della Sera . "Telecom Italia's board of directors unites around the managing director Pietro Labriola and the appointments committee, whom the first shareholder Vivendi disheartened at the meeting", commented the newspaper Repubblica. “Pansa's name received 9 out of 14 votes, including that of the president Salvatore Rossi, of the CEO Labriola, of the president of Cdp Giovanni Gorno Tempini and even of Massimo Sarmi, president of Fibercop (at 37.5% of Kkr) , but appointed to the board on the recommendation of Vivendi”.
HOW AND WHY TIM'S BOD CO-OPTED ALESSANDRO PANSA
Pansa's name popped up at the photo finish, when by now the co-option of Carta seemed almost done, with Vivendi who had pushed to burn time to the maximum, remarked Il Sole 24 Ore : "It was only on Tuesday that we learned that there would be table another “strong” name. Yesterday the news that that name would have been Pansa, also proposed by the Appointments Committee chaired by Paola Bonomo, and supported in this case by the CDP ". Pansa beat Carta by 9 votes out of 5. “Paolo Boccardelli, Cristiana Falcone, Giulio Gallazzi, Marella Moretti and Ilaria Romagnoli would have voted for Carta. All the others, including president Salvatore Rossi, CEO Pietro Labriola and Massimo Sarmi, a director who joined the board with the approval of Vivendi herself, would have opted for Pansa”, wrote the Confindustria newspaper.
THE DISRUPTED CONFUSION OF VIVENDI IN TIM
The opaque and oblique maneuvers of the French group continue, after those of the past few months ( here and here the insights from Start Magazine ).
In fact, from Sole 24 Ore we learn that “again according to the reconstructions, two directors would have also had it recorded in the minutes that they would have had no hesitation in voting for Carta if Vivendi had really indicated him as its candidate. But that of Luciano Carta would have been placed as a suggestion by the French – was the assessment – while in the documents there would be a letter in which Vivendi would have explained that he did not want to stay on the board". Now it remains to be seen whether the Bolloré group will in fact continue to reject the offers received by Tim for the network.
TIM'S NETWORK DOSSIER AND VIVENDI'S ROLE
Next Monday, Tim's board of directors will meet to examine the report of the advisors and the fairness opinions on the new offers presented by Cdp-Macquarie and KKR for the network. No decisions are expected, which will arrive on the 22nd when the board will deliberate on the offers.
Tim's board is divided between those who would like to grant exclusive rights, to Cdp-Macquarie or more likely to Kkr, and those who instead believe that the offers should be rejected and the dossier reopened later, remarked the Corriere della Sera : "The decision is not simple. On the one hand there are the non-binding offers, which within a few weeks could lead to a binding purchase offer for the network, allowing Tim to speed up the restructuring. On the other hand, there are the ongoing movements between Kkr, F2i, Cdp and Macquarie to find an alternative that allows for a new offer to be made, which however takes time".
THE MEDIASET SCENARIO FOR VIVENDI
Vivendi's Italian top management and consultants – after the failure of the Carta per Tim card – could shift attention given the stalemate on the network dossier compared to the wishes of the French ( considered exorbitant ) on another dossier, namely Mediaset. The top management of Vivendi – according to some rumors – could definitely bet on Mediaset. Even if on the TV group there are the aims – based on the Italian spirit – of Urbano Cairo ( here indiscretions and insights from Start Magazine ).
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/tim-brucia-la-carta-di-vivendi-che-ora-punta-su-mediaset/ on Thu, 15 Jun 2023 06:25:44 +0000.