Tim, what is said on the Stock Exchange about Kkr, Vivendi and Cdp
All the latest news on the Tim dossier: facts, numbers, rumors and analyzes
Will the government and therefore the CDP not support Kkr's move on Tim? Is there a convergence between Vivendi and Cdp in Tim's board after the de facto ousting of former number one Luigi Gubitosi in favor of Kkr? ? Vivendi – on the basis of the scenario attributed by Kkr on the network – intends to give up control of the strategic assets to the CDP?
These are some of the questions that experts and investors have been asking for a few days after words, moves and whispers of the main actors working on the Tim dossier after the announcement of an expression of interest by the American fund Kkr which – according to the latest rumors – would not meet with the approval of Palazzo Chigi, especially for the overall value attributed to the Italian group.
WHAT THE SPEAKER OF VIVENDI SAID
To rekindle questions and new scenarios are some statements by the French group. “We certainly aim to put Tim back on a growth trajectory. The ongoing evaluations focus on this objective. Vivendi is interested in any solution that promotes the efficiency and infrastructural modernity of the network, while preserving the value of its investment. In this perspective – declared a spokesman for the French group in an interview with La Repubblica – the hypothesis of state control of the network, if it were preparatory to an institutional-led strategic project, will be evaluated with openness ".
THE NEW SETTING OF VIVENDI
Vivendi, Telecom's largest shareholder with almost 24% of the capital, is therefore a candidate to bring the network under state control, ready to take a step back from the group's main asset. they would oppose, they may be ready to participate in Vivendi – continued the spokesperson – "has already represented their firm belief in being a reliable, long-term shareholder, a harbinger of a constructive dialogue aimed at strengthening TIM, with the aim of working alongside of Italian institutions in the interest of all shareholders and other stakeholders "of the telephone company, reaffirms Vivendi's objective, confirming the opening of the French shareholder to enter the state.
THE WHISPS OF THE FRENCH ON TIM
“The priority of all Tim's stakeholders – added the spokesman for the French group – is to go back to seeing the company at the center of development and innovation strategies and protagonist, with its best resources, on the telecommunications market”. In this perspective, the French group would not hinder the creation of a single network, which arises from the merger between TIMe Open Fiber, a competitor company 60% controlled by Cdp. "We need to combine the country's necessary technological innovation with the relaunch of one of the most important Italian groups".
THE POSITION OF LIVE ON THE NETWORK
According to Equita Sim analysts, the position of French reference shareholder, who would have recently met with the top management of CDP, would suggest that Vivendi would be in favor of a spinoff project of Telecom's fixed network and network aggregation with Open Fiber.
WHAT EQUITA ANALYSTS SAY
Il Messaggero and Fatto Quotidiano have suggested that Vivendi and CDP would be willing to support a project independent of the KKR proposal, with the support of the government. Vivendi's statements "increase the uncertainty about the Kkr operation, which has yet to be approved by the board of directors and which could not proceed if the board supported a spinoff project of the network independently and which would have difficulty in raising 51% in the event in which Vivendi and CDP were not willing to deliver the titles ”, underlines Equita.
THE AKROS REPORT
According to Banca Akros – reports Mf – these are negative news, because a plan B as an alternative to the current one (the friendly offer by KKR for € 0.505), or an increase on the same proposal by the American fund, "It could offer a higher value on paper, while in practical terms it could suggest political interference, greater uncertainty (rather than mere risk) and additional sources of frustration for minority shareholders."
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/tim-che-cosa-si-dice-in-borsa-sulle-mosse-di-kkr-vivendi-e-cdp/ on Mon, 06 Dec 2021 14:28:22 +0000.