Christmas Eve in the red for Telecom Italia's share on the Stock Exchange, which at the beginning of the afternoon dropped more than two percentage points, suffering the worst fall of the Ftse Mib. Sales – with reduced volumes – come later the outcome of Friday's meeting, which rejected the board's request for revocation (requested by Marco Fossati, a shareholder of the group with 5%) and from which no news on the group's strategy emerged.
“A vote for the revocation could have led to a radical change of strategy that could support the stock – claims a trader quoted by the Reuters agency -. Now, on the other hand, on the only issue that could move, i.e. the sale of Brazil, no news is foreseen in the short term. It is clear that, following the outcome of Friday's meeting vote, the CEO will have to use more caution on South America and listen to the minorities”.
Fossati aimed at the spin-off of the network and the entry of Cassa Depositi e Prestiti through a reserved capital increase and said he was against the sale of the Brazilian subsidiary Tim Participacoes. The sale of Brazil would solve Telefonica's antitrust issues and pave the way for a possible merger with the Italian group. 23% of the group's capital sided in favor of the Fossati proposal.
