"We leave the market events to the market, obviously we observe the situation, because we care about the security of Italian networks and data and, as far as I am concerned, the broadband and 5G development plans" envisaged in the Recovery Plan.
This was stated by the minister for technological innovation and digital transition, Vittorio Colao, at the press point from Brussels.
Tim CEO Luigi Gubitosi comes out of the corner and to unlock the Kkr dossier, he will send his powers back to the board. "If this step will allow a more serene and rapid evaluation of Kkr's non binding offer - he writes in a letter addressed to the board - I will be happy that it has happened". The scenarios are open, the board could confirm trust in him as well as reassign the proxies (or, according to the Statute, set up an executive committee). However, the other points on the agenda should not be overlooked, in particular the theme of strategies and business performance. While politics and government keep a vigilant attention: "obviously we are very interested in preserving the security of the country and the good development of the infrastructure in the country",the minister for technological innovation, Vittorio Colao, replied to the journalists who questioned him. Tim's board of statutory auditors and risk committee found a variance of a few hundred million euros in revenues, largely linked to the disappointing results of the partnership with Dazn. There are those who, like the front close to Vivendi's French, believe that the deviation should emerge immediately, in the form of a new (third) correction of the estimates, and those who, on the other hand, would prefer to take time and wait for the end of the year, trusting on the recovery of deviations with a series of countermeasures, including the revision of the agreements with Dazn, new actions on costs and the initiatives of the plan that will be presented in February.There are also some obstacles that the group may encounter in its strategies, both on broadband and in the cloud. According to Reuters, Italy, under pressure from the EU, could limit the tenders that operators can win for the launch of broadband to 50%; on the front instead of the PSN, the presence of Sogei in the consortium with Cdp and Leonardo, according to financial sources, could present some problems as a public entity already active in the cloud and as such an advantage in tenders. Meanwhile, on the stock market, the stock goes on a swing and closes down by 2.66% at € 0.48 after having exceeded € 0.505 offered by Kkr in the morning. Trading remains intense but far from the high of 1.7 billion hit Monday with more than 884 million common shares changed hands today. However, tomorrow will be a crucial day."It is urgent - writes Gubitosi - to appoint financial advisors and approve the immediate granting of a reasonable period of time to carry out a limited due diligence on documents and information acceptable to the Board. Technically we could be ready for a data room in 48/72 hours". And in his long letter he winks at the independent directors: "they have a fundamental role in that the Board, in due course, will have to issue a press release based on the work of the independent directors, which will contain an assessment of the effects that any success of the offer may have on the interests of the company, on employment and on the location of production sites ". In other words, "the Council must act ininterest of all Shareholders and to protect the market, ie also minority shareholders, and all stakeholders "referring to the sender the accusations of being the prime mover of the operation," out of place and false "which above all" must not be used instrumentally to slow down the process of examining the indication of interest, an attempt from which I disassociate myself clearly. "This is how Gubitosi's step back was born:" Our duty is to protect the interests of all our stakeholders, in particular the market, not to privilege individual positions and to act in strict compliance with the rules quickly to protect the stability of our company ".Some indiscretions about Kkr's proposal leaked out, which would provide for the spin-off of the network to offer it `at term` to CDP after a few years, once the process is completed. "This hypothesis seems more credible to us than rumors that hypothesize an intervention on the ex-ante network (separation before the takeover bid) or an acceleration on the single network project. Kkr would in fact maintain full exposure to the infrastructural asset, the primary focus of the fund, guaranteeing the necessary investments in the coming years and then offering a path that points to the single network, with timing consistent with the complex examination of the European regulator "comment the Equita analysts.This hypothesis seems more credible to us than rumors that hypothesize an intervention on the ex-ante network (separation before the takeover bid) or an acceleration on the single network project. In fact, Kkr would maintain full exposure to the infrastructure asset, the primary focus of the fund, guaranteeing the necessary investments in the coming years and then offering a path that points to the single network, with timing consistent with the complex examination of the European regulator "comment the analysts of Equity.This hypothesis seems more credible to us than rumors that hypothesize an intervention on the ex-ante network (separation before the takeover bid) or an acceleration on the single network project. In fact, Kkr would maintain full exposure to the infrastructure asset, the primary focus of the fund, guaranteeing the necessary investments in the coming years and then offering a path that points to the single network, with timing consistent with the complex examination of the European regulator "comment the analysts of Equity.with timing consistent with the complex review of the European regulator "comment the Equita analysts.with timing consistent with the complex review of the European regulator "comment the Equita analysts.
