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Cdp and Vivendi saw the Kkr takeover bid, the Tar bleached Hope, Sgarbi rude with the Cav, Verdini’s secret plan for Berlusconi al Colle

Cdp and Vivendi saw the Kkr takeover bid, the Tar bleached Hope, Sgarbi rude with the Cav, Verdini's secret plan for Berlusconi al Colle

Cdp, Tim, Kkr, single network, Hope, Tar, masks, Pentecostals, TikTok, Berlusconi, Sgarbi, Verdini and more. Bits of press review in the tweets of Michele Arnese, director of Startmag

THE TAR SCRAPS THE PARACETAMOL IN THE REGULAR WAIT

OUTDOOR MASKS?

VERDINI'S PLAN ON BERLUSCONI AL COLLE

THE DOUBLE GAME OF SGARBI THE TELEPHONIST

PENTECOSTAL POSTCARDS

GREETINGS FROM TIKTOK

UNIQUE NETWORK? BAH, BOH

THE CDP-VIVENDI PLAN ON THE NETWORK SAWS THE OPA OF KKR

EXTRACT FROM THE ARTICLE BY GIOVANNI PONS DI REPUBBLICA ON TIM, CDP, VIVENDI AND RETE UNICA:

After many years of theoretical discussions, now the road to the separation of Tim's network from his commercial activity seems to have taken a shared path, even if the obstacles in its path are still many. The difference from the past is that it will be Cassa Depositi e Prestiti, a 10% shareholder of Telecom, to push for this operation to be done quickly. Its final objective, as well as that of the Mef (its main shareholder at 85%), is to create a single widespread and independent broadband network at the service of the country. An objective that does not reconcile with that of a private equity infrastructure fund, such as Kkr or Cvc, which aim at a generous return on capital for their shareholders over a certain number of years. For this reason the Cassa will try to guide the operations itself, without giving the ball to the funds, or in any case keeping them on board but sitting in the back seat. And see if with the relative majority shareholder Vivendi (23.9% of Tim) it is possible to recreate a climate of trust to row in the same direction. However, technical and timing issues overlap along the way. Is it possible to split Tim into two (or three) while keeping the companies listed on the stock exchange and with current governance? The answer is yes if you want to shorten the time and also take advantage of the money from the NRP to make new investments to modernize the network. Kkr's idea of ​​launching a takeover bid, taking the company off the market and then breaking it up requires more capital and more time. For this reason, Cdp and Vivendi would tend to exclude it and carry out a spin-off of the listed company, which at the end of the process will assign the shareholders two different shares, one for Netco (the network) and one for Service (the commercial service); thus each shareholder will have the right to hold, sell or buy the two shares at will. The plan that the current general manager Pietro Labriola is developing with the advisors Mediobanca and Vitale is precisely this, essentially the same plan as Kkr but without launching a takeover bid. It will be necessary to decide how much debt, of the total of 22 billion net, will be taken over by Netco and how much by Service, through a bridging loan granted by the banks that will make it possible to repay the existing one and to issue new bonds. And above all, how to reallocate the 40,000 employees in the two separate companies.


This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/cdp-vivendi-kkr-tar-speranza-sgarbi-verdini/ on Sun, 16 Jan 2022 10:40:24 +0000.