Tim, Casse and Foundations emerge for the F2i fund
Investors include practically all the relevant national bodies, from the main pension funds to the most significant banking foundations. However, the collection of the fund promoted by F2i, which will participate in the purchase of Tim's network together with KKR and the Mef, has not yet been completed. The goal of reaching one billion, which seemed complicated until a few months ago, is today considered much more accessible thanks to the acceleration generated by the participation of important national investors.
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A board of directors of the Enpam fund has already given the green light to an investment of around 100 million, and similar figures are also expected from other large funds. The participation of the Accountants Cassa, Inarcassa, Cassa Forense and Enasarco is expected. As for the Foundations, although the resolutions will arrive in the next few days, it is considered the participation of the big three is now obvious: Cariplo, Compagnia San Paolo and Crt. Some sources do not exclude a contribution from CariFirenze too, with the overall objective of achieving a figure between 150 and 200 million.
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In the coming weeks, it is possible that some insurance groups will join the list of investors, some foreign entity and it is likely that at least one large family office is involved. In this way, the fund managed by F2i will have all the credentials to participate in the acquisition of Tim. The entry of the Treasury and the vehicle led by Renato Ravanelli's Sgr is expected at the closing of the sale of the Tim (Netco) network, expected by the summer of 2024. This timing, obviously, will have to take into account the imminent appeal by Vivendi, which represents the last great unknown hanging over the operation. The French, barring any surprises, will present their appeal today against the sale of the network decided by Tim's board of directors without calling a shareholders' meeting. Probably, it will not be an emergency measure, but an appeal on the merits, thus keeping a sword of Damocles over Tim's head for months.
For once, the market did not react to the impending legal action, but it warmed up following the Bloomberg leak according to which Vivendi is looking for buyers for its 24% stake in Tim. The shares responded positively to this scenario, closing up 5.42% above 0.26 euros, despite sources close to the French trying to temper the enthusiasm, recalling that the stake held in Tim will be transferred under the Investment company, one of the three divisions into which the French group will be reorganized. However, Tim shares have been subject to strong fluctuations on the stock market for months, an aspect on which the group's CEO, Pietro Labriola, drew attention. Labriola underlined that TIM is a stock that undergoes fluctuations based on indiscretions, inviting Consob to pay attention to this dynamic.
However, the Vivendi issue remains to be addressed. The direct participation of Palazzo Chigi and the Mef, which are pushing for the involvement of funds and foundations in the fund F2i for Tim, indicates government support for the operation. It is difficult to imagine that a hostile position by the French at this point could jeopardize the sale. It is more likely that an agreement will be sought in the coming months, even if the outlines of it are not visible at the moment. In the meantime, Tim's board of directors informally began the process of composing a slate for the board of directors. Labriola commented that, although it is not up to him to decide and the shareholders will make their assessments, in case of availability of the shareholders, he feels morally responsible to complete a project approved by the board of directors and currently under development.
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