Tim, title warm on the stock exchange. What will happen now? Labriola has Vivendi’s full confidence, but Kkr…
A note at 7.57 am to try to clarify your future: Tim sent a short statement this morning trying to sort out the two different offers about which much has been written in the last few days. So on the one hand there is the bottom Kkralready active in the network with Fibercop (of which it holds 37.5%) who submitted a friendly offer on 17 November.
The story is well known: € 0.505 per share for a’totalitarian takeover which evaluates Tim a total of 11 billion euros. A generous evaluation if you look at the numbers of bag, given that today the former Sip is worth around 7 billion. Few, however, if one thinks of the specific weight of a company so rooted in the Italian entrepreneurial and economic fabric and so central in perspective Pnrr.
Among other things, despite the asset devaluation recently carried out by Vivendi (for more than 720 million), the book value of the galaxy company Bollorè for the actions of Tim is still higher than the offer of Kkr. We are at around € 0.65 per share, more than 30% more than the offer of the American fund.
There negotiation however it continues, as reported in the note issued this morning. “The discussions continue – we read – in order to acquire the necessary information to judge the concreteness, relevance and attractiveness of the non-binding and indicative event of interest”.
It goes on, therefore. And the arrival of another offerthe one of Cvc, makes the game even more interesting. In the note issued this morning, in fact, we read that “in the late evening of 25 March last she was received by Cvc fund a non-binding proposal, concerning the purchase of a minority shareholding in a company, to be established in the event of completion of the transaction, which would include the activities of the division Enterprise by Tim (that is connectivity and ICT services) in addition to those of Noovle, Olivetti, Telsy and Trust Technologies“.
It therefore remains to be understood what will happen in the future. On the one hand there is Pietro Labriolathe CEO who wants unbundle the services from the network creating two ad hoc Newco. On the other there are the social partners, who fear that this transformation will result in the redundancy of thousands of jobs. But, at the same time, this mode would allow you to create the famous (and infamous) single network together with Open Fiber.
As the CorComboth the Government that the Cdp they were very clear on the subject: Francesco Giavazzieconomic advisor to the presidency of the Council, said that “the single network is one of the objectives of the government and it will be done“. The CEO of Cdp Dario Scannapieco (the Cassa is a shareholder of Tim with a share close to 10% and Open Fiber with 60%) said that “a duplication of investments in the network makes no sense from an industrial point of view”.
Meanwhile, the bag at the moment – even on a positive day – he does not seem to welcome the two possible ones with particular enthusiasm offers. Who expected rally uncontrolled was disappointed, given that the title of Tim earn 2.3%, less than General you hate Saipem.
Once you have chosen which side to take, you will then also have to decide how to move. Labriola has the full confidence of Vivendiwho seems to want to give credit to the former number one of Tim Brasil in the division project of ServiceCo and NetCo. But Kkr, with the 11 billion “fresh” put on the plate (perhaps negotiable on the upside) he might disagree.
READ ALSO:
Tim, the CVC fund on the attack: it wants 49% of Olivetti, Noovle and Telsy
Tim, Kkr aims at delisting the group: government and CDP united for the single network
Tim, the roadshow with investors is underway. Roller coaster on the stock exchange
Tim / Opa yes, Opa no and a crash on the stock market. The market wants certainties on the plan
#Tim #disputed #suitors #Kkr #takeover #bid #CVC #focuses #enterprise