Tim, Vivendi consults proxy advisors to make its list for the board

Vivendi consults proxy advisors to make its list for the board

Vivendi shows its determination to remain involved in the battle for Telecom Italia without neglecting any attempt. According to information reported by MF – Milano Finanza, the French are looking for a proxy advisor to whom they can entrust the task for the meeting scheduled for April 23, during which the board of directors of Telecom Italia will be renewed. Although the official choice of proxy advisor has not yet been announced, it appears that Georgeson is ithe favorite, according to what the newspaper reported. When questioned on the matter, Vivendi preferred not to comment. After the legal action initiated in Milan (although without requesting suspension as initially hypothesized) and the letter sent to Brussels to highlight the position of the Ministry of Economy and Finance in the Netco operation, Vivendi seems ready to integrate another element into the its battle strategy on multiple fronts. The objective is to hinder both the sale of the network under the conditions agreed between Telecom Italia and KKR, both a second mandate for Pietro Labriola as CEO.

As already highlighted in recent weeks, in addition to voting on the board of directors' list, the French are not ruling out any options, including presenting your own list or supporting an alternative, if one is presented. The procedure for the possible assignment of the task follows the rules established by Consob. The collection of proxies by the group led by Arnaud de Puyfontaine and Yannick Bolloré should not represent a problem in terms of exceeding the thresholds established by the OPA, as long as the rules and principles of transparency of the authority are respected. For Telecom Italia, while we wait to understand the evolution of the renewal of the board of directors, crucial weeks are approaching for the sale of Sparkle. The Treasury's proposal, announced on Wednesday evening and arrived without the support of KKR, seems slightly improved, but does not appear to have significantly increased the chances of success of the deal.

The Treasury's financial resources are limited, especially after the commitment to acquire 20% of Netco together with KKR. Aware of its limitations and no longer able to split the investment with KKR, the Treasury suggested to Telecom Italia the option of maintaining a minority stake in Sparkle. According to information from MF – Milano Finanza, the offer does not specify a precise percentage, but expresses the willingness to evaluate the option. The proposal will be examined in the council on February 7, and if the Telecom Italia board decides to explore this possibility, negotiations would open on the economic conditions and the duration of the group's stay in the submarine cable company. However, given that the asset is considered strategic by the government, with a particular interest in this phase of geopolitical tensions, the possibility of maintaining direct control remains high. The parties involved are likely to seek an agreed solution. Telecom Italia shares closed slightly lower yesterday, after being positive for most of the day, recording -0.25%.