In a morning with a strong upward trend for the entire Milanese price list, the counter-current performance of Telecom Italia stands out, remaining firm on last Friday's values at 0,81 euros. For the Italian telecommunications group, the week that has just begun represents an important moment of strategic reflection in view of the board meeting scheduled for the last week of August and which could lead to important developments regarding the match relating to Tim Brasil. In fact, it seems increasingly probable that Telecom Italia will be able to offer Vivendi 20% of its stake in exchange for Gvt, the Brazilian fixed-line telephone and internet operator controlled by the French media conglomerate. With 20% of Telecom Italia, Vivendi would become the first shareholder of Telecom Italia: according to the operators, in the event the entry of the group led by Bollore' would take place through a reserved capital increase.
Vivendi would also maintain a direct stake in Gvt, which would be merged with Tim Brasil, and would sign a strategic partnership with Telecom for the distribution of content, a crucial aspect for the transalpine group that controls pay-TV Canal+ and Universal Music. The rival offer from Telefonica has arrived on Vivendi's table, offering 4 billion cash and 12% of Teleconica Brasil, for a total value of 6,7 billion. This offer does not seem to have made any inroads at the moment but the fact that Telefonica offers an important part in cash could force Telecom Italia itself, according to some analysts, to include a part in cash in the offer. But the market also fears a further boost from the Spaniards which could lead Telecom to up its ante.
