Cdp abandons the plan for the single network and Tim slips on the Stock Exchange Cdp has expressed its “full willingness” to participate in the “working table for defining the best market solutions in view of the National Network”, which the government has decided to launch to find the solution to create the only government-controlled network by the end of the year. Tim did the same, with a note stating “availability for comparison in institutional settings”. There could also be room for Poste, who was questioned in recent days about the assets Tim may need to sell to create a “wholesale-only” network. by Federico De Rosa Cassa depositi e prestiti formalizes the waiver of the offer to acquire Tim’s infrastructure and merge it with Open Fiber to create the only network. In a joint note with Macquarie and subsidiary Open Fiber, the Cassa announced yesterday “that it deems it appropriate to postpone the deadlines of the memorandum of understanding related to the integration project.” Yesterday was the deadline for submitting the offer to Tim, who paid the stop by closing more than 5% in Piazza Affari. Cdp has expressed its “full willingness” to participate in the “working table for the definition of the best market solutions in view of the national network”, which the government has decided to launch to identify the solution to create the single network under public scrutiny. Tim did the same, with a note stating “availability for comparison in institutional settings”.
The CDP’s decision follows the entry of the government into the field, which, after reviewing the contents of the plan signed in May by the first Dario Scannapieco and Tim’s CEO, Pietro Labriola, decided to transfer the file directly. take, through the Minister of Enterprise and Made in Italy, Adolfo Urso, and the Palazzo Chigi Undersecretary for Innovation, Alessio Butti. “The single network memorandum did not collapse because of the government’s will – Butti clarified yesterday – but because it apparently did not find the economic conditions, the resources to carry out this operation were lacking”. Butti then explained that infrastructure competition remains safeguarded: “We have to talk about networks, because there has to be competition, Europe demands it from us”. The plan to get there will be reflected in the outcome of the government table, which will be attended by Cdp, Open Fiber, Tim, Vivendi – the main shareholder of the telephone group – Macquarie and Kkr, who are already involved in the network. There could also be room for Poste, who was questioned in recent days about the assets Tim may need to sell to create a “wholesale-only” network.
The fall in the stock market highlights the complicated situation Labriola now faces. Some words attributed to Butti about the solution not going through a takeover bid for Tim also contributed to aggravating Piazza Affari’s decline. However, the undersecretary of Palazzo Chigi specified that during the 5G Italy conference “when I was asked by the journalist who asked about a total takeover bid for Tim, I specified that it is now pure fantasy to talk about it and that if that is the case would be, the tools and the modalities will be identified in due course by those involved in the field» adding that the objective of the single national network “wholesalers only” “will be achieved not only according to precise transparent and market rules, but also in accordance with European principles of defense of competition and consumer protection, to ensure Italy a new international role in telecommunications, the protection of Tim’s assets and the defense of his employees”.
In the afternoon, Tim’s board met to endorse the end of negotiations with the CDP and discuss how to proceed, confirming that it will “evaluate all strategic options that will enable it to achieve its objectives of overcoming vertical integration and the reduction of ‘best effort’ debt.” Giulio Gallazzi was also co-opted to the board and the process for Frank Cadoret’s replacement was initiated.
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Source: Corriere
I am Annabelle Sampson and I work for The News Dept as an author for their news department. My main focus is on economy news, but I also cover other topics such as business, finance, and current affairs. My writing has been featured in prominent publications such as The Wall Street Journal, Forbes Magazine, and the Financial Times.
