How Cdp will move on Tim and Open Fiber
All the news on Cdp's moves in Tim and Open Fiber
The shortlist of Tim's board of directors for the next three years, already supported by Vivendi, will also see the participation of Cdp.
Cassa Depositi e Prestiti thus takes a step forward both on Open Fiber, where it is about to rise up to 60% starting from 50%, and on Telecom Italia (where it has about 10% but is so far absent from the board of directors).
On the proposal of the chairman of Tim Salvatore Rossi, today the Telecom board will nominate the chairman of Cassa Giovanni Gorno Tempini on the management list for the renewal of the board, which will expire with the shareholders' meeting on 31 March.
The list will be submitted to the board for approval in view of the presentation to the assembly at the end of March and in addition to the reconfirmation of Salvatore Rossi, Luigi Gubitosi, Arnaud de Puyfontaine and Franck Cadoret, it will also see the chairman of CDP, Giovanni Gorno Tempini deployed.
Gorno Tempini is one of the names indicated for the list that the telephone group board is preparing in view of the renewal. "There are 25 candidates for 15 positions, 10 of which are safe, and considering the" political "weight of the Cassa, the president will be given a safe box", wrote Corriere della Sera: " Given the position of Cdp as a shareholder of Tim and partner of Open Fiber, the absence for Gorno Tempini of conflict profiles or possible regulatory risks has already been verified with the lawyers ". This is to avoid the potential concert between Vivendi and CDP, a harbinger of the takeover bid since the two largest shareholders exceed 30% of the share capital (the French group Vivendi has almost 24% of Tim).
"This is in fact a sort of historic compromise between the first and second shareholder of the telephone company, passing through the outgoing board that will formally, for the first time, present its list, even if it is not a public company", he commented. the Sole 24 Ore .
The stake in the group headed by the Breton financier Vincent Bollorè would allow the French to have at least the five places reserved for the minority if they presented themselves alone.
For this reason it is "taken for granted – added Il Sole 24 Ore – that the five outgoing directors at Vivendi quota will be reconfirmed: the ceo Arnaud de Puyfontaine, the director of Canal plus Frank Cadoret and the independents Giuseppina Capaldo, Marella Moretti and Michele Valensise ".
On the board of Tim's agenda today there will also be the 2020 accounts and the 2021-2023 strategic plan. Analysts expect to see a drop in revenues of 5% to 4.026 billion euros (-6.3% in Italy) with revenues from services down 3.9% to 2.93 billion. EBITDA should reach 1.74 billion (-2.8%) in the fourth quarter. For the full year, revenues are expected to fall by 7.2% to € 15.72 billion and an ebitda of € 7.03 billion (-6.2%) with debt standing at € 23.69 billion.
The update of the three-year plan, on the other hand, should focus on cloud and artificial intelligence and will decline them by Noovle, the company in which the 17 data centers of the group will converge, strengthening the alliance already started with Google Cloud.
Fibercop should soon become operational but the single network dossier remains to be closed. Now that the government crisis is over, the topic is back on the table of the three ministries, Mef, Mise and Technological Innovation.
Let's now move on to Cassa Depositi e Prestiti, controlled with about 80% by the Ministry of Economy.
During an extraordinary board of directors, followed by an equity board of directors, the Cassa also decided not to exercise the pre-emption right on the 40% of Open Fiber that Enel has decided to sell to Macquarie and not to assert its right of approval. on the Australian fund which is about to become a minority shareholder of the group.
In this way, Cdp will be able on the one hand to negotiate directly with Enel the purchase of up to 10% of the fiber network company and on the other hand to negotiate the new governance conditions on Open Fiber with the Australian fund.
! Once the agreement with Enel has been reached, CDP will also put a hand to governance: at the moment the Cassa indicates the chairman and the financial director, while Enel has the choice of the CEO – wrote Repubblica – At this point it is probable that the Cdp also requests and obtains the appointment of the CEO of Open Fiber ".
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/primo-piano/come-si-muovera-cdp-su-tim-e-open-fiber/ on Tue, 23 Feb 2021 11:35:14 +0000.