“More than that stew the separation between the network and the services should be evaluated to accelerate the merger process between FiberCop And Open Fiber“. He is convinced of it Sestino Giacomoni, deputy of Forza Italia and president of the Supervisory Commission on Cdp. Reached by Affaritaliani.it, the politician explained what they are positive aspects and possible risks of Kkr’s “friendly” offer for Tim that the American fund presented on Sunday.
How does Giacomoni see Kkr’s offer, the “friendly” bid that aims at 100% with an attractive price, but still considered by many to be very low (0.505)?
“The expression of interest in TIM by institutional investors can only be positively received, confirming the fact that the credibility enjoyed by the Draghi government attracts large private and foreign investments in our country. The operation must first of all be evaluated by the market, without prejudice to the prerogatives of the Government in terms of golden power and the assessment of the compatibility of the operation with the achievement of the objectives set by the NRP with the Digital Italy 2026 Plan. The price is a good starting point, the offer is 46% higher than the stock market value and guarantees a strong shareholder and therefore an “anchor” for Telecom, an aspect that is not secondary given the current unstable structure and not from today. Net of all this, prudence is a must because Tim represents above all the Italian telecommunication network or the nerve center of the technological transition we are going through “.
The CDP owns 9.9% of Tim, selling to the Americans would free itself from the impasse of having a position in both Tim and OF. But would it be willing to sell its stake? And at what price?
“Given my role as chairman of the Supervisory Commission on Cassa Depositi e Prestiti, I cannot comment on what Cdp will do, but what the Commission I chair will do, and I can assure you that the commission will supervise, as always, any investments by Cdp to evaluate its economic and financial sustainability and profitability for postal savers “.
Isn’t there a risk that the government decides to activate golden power on such a strategic asset as the network, effectively weakening Tim’s interest in investors?
“I would not speak of the golden power risk, but of eventuality. If the Government, after careful analysis, decides to resort to the golden power, it will obviously have identified risks for our country. The Draghi government has already used this” shield “last April. blocking the Chinese acquisition of a Lombard semiconductor company “.
Aren’t you afraid of the “stew” whereby, once the work is completed, precious pieces such as Noovle, Sparkle and so on start selling?
“Tim’s eventual change of hands may take place by setting a series of stakes to protect national interests. Tim is the beating heart of sectors that are decisive for our future: cloud, fixed network, spectrum, data center, submarine cables. Not only that. : over 40,000 people work in TIM and the operation must not have an impact on employment. More than the stew, the separation between the network and the services should be evaluated to accelerate the merger process between FiberCop and Open Fiber. network in public hands and this would also allow to pass the scrutiny of Brussels, which certainly does not see well the fact of having a public monopoly in private hands. The “nationalization” of the network, with these characteristics, would guarantee national security and leave the possible competition on services “.
For the moment, President Gorno Tempini has not asked for urgent clarifications on governance like 11 other members of the Board of Directors. How do you assess Gubitosi’s work carried out up to now in the Commission?
“Tim is a private operator, listed on the stock exchange, which offers retail and wholesale services in a market that has now been liberalized for more than 20 years. It is therefore up to the Board of Directors and the shareholders of the company to judge the work of the Chief Executive Officer. Tim’s network cannot ignore the role of CDP as shareholder, long-term investor, protecting assets of strategic importance for the security and defense of the country. I would like to point out that it is certainly no coincidence that this operation arrives in a moment in which we have an authoritative prime minister, at the helm of a strong and credible government, at national and international level, also because it is supported by a large parliamentary majority. The presence of Forza Italia in the government represents a guarantee for the protection of interests nationals, citizens, businesses and the market “.
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