Tim, Cdp, the single network and Vivendi’s little shows
What Arnaud de Puyfontaine, CEO of Vivendi, surprisingly said after signing the agreement for the single Tim-Open network. Facts, words and reactions. Italics by Gianluca Zappa
“Spectacular interview with Vivendi's boss, besides, Andrea Pezzi is one of the consultants of the French group, right?”.
It is the not at all festive sarcasm circulating this morning among Tim's ministries and insiders and not only after the Napoleonic interview with Arnaud de Puyfontaine, CEO of Vivendi (Tim's first shareholder with 23.75%), to the newspaper la Repubblica .
"Vivendi is the strongest defender of Tim's interests in this match." "Our duty is to protect the value and interest of the company", or Tim: these are some of the "spectacular" phrases expressed by de Puyfontaine, number one of the French group and director of the group chaired by Salvatore Rossi and led by 'CEO, Pietro Labriola, a few hours after the agreement between all the stakeholders for the single Tim-Open Fiber network.
High-confidence phrases; the same assurance from Vivendi herself, and from de Puyfontaine himself, when they were opposed to the operation now approved, in fact the number one of Vivendi in the same interview today admits that "for Vivendi it was not easy to choose to give up the idea of a vertically integrated Tim ".
And as in the past Vivendi wanted to dictate the line on the network, now after having changed his mind he wants to continue to dictate the line Napoleonically.
"Look, I want to be very clear on the issue of the value of the network: Vivendi will never support the sale of the network to the values you mentioned (between 17 and 21 billion, ed ), and this is in Tim's best interest", declared de Puyfontaine to the newspaper la Repubblica .
"Among other things, with regard to the estimates to which you refer, I cannot fail to note that the Macquarie fund acquired its stake in Open Fiber at far greater multiples (7.3 billion or 29 times the gross operating margin, ed .) . I therefore think that the separation of the network, and the consequent creation of a single network, is the option that would potentially create more value for Tim; but if the real value is not recognized, given that we are a long-term industrial investor, we are ready to evaluate other options capable of revealing all of Tim's potential in the interest of all stakeholders. It must be clear that Vivendi is the strongest defender of Tim's interests in this match. "
Reactions? At the moment the French tugs leave the government's mouth sealed, but thanks to (in particular, Cdp is asked to overpay and squander the postal savings?) And method (an unusually critical interview a few hours after the agreement) is arousing half-hearted zero positive reactions, to put it mildly.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/tim-cdp-la-rete-e-gli-spettacolini-di-vivendi/ on Wed, 01 Jun 2022 09:04:43 +0000.