Telecom Italia increasingly in the red at Piazza Affari. At the end of the morning, the stock was suspended in a volatility auction with a drop of 4,94%, at 0,6825 euro. This is the worst performance of the entire Ftse Mib. On the other hand, the prices of the telecommunications group have risen by just under 50% from the lows reached at the end of August.
Some press rumors weigh today on the shares of the TLC group: according to what Corriere della Sera reports, among the working hypotheses in view of the update of the plan that will be presented to the Board of Directors on November 7, there would be the waiver of the dividend for this year .
Meanwhile, the collection of proxies has already begun in view of the meeting which should be convened by the next Board of Directors. The shareholder Marco Fossati, who holds 5% of the capital, is seeking the support of the main institutional investors to provoke a change in the Board of Directors during the meeting, which he himself requested. Telefonica has also already taken action by engaging Georgeson, an American company specializing in the collection of proxies for votes at shareholders' meetings.
Telco's indications on the new president of the company to replace Franco Bernabè are losing share, given that the manager could have a short life (the shareholders' meeting could revoke the directors chosen by the reference shareholder, whose nomination committee meets today ).
In the meantime, expectations are rising for the industrial plan that the managing director Marco Patuano is preparing to present to the Board of Directors, now in South America to finalize the strategy on foreign assets. The manager will also have to present his development hypotheses to Prime Minister Enrico Letta, who is expected to meet Telefonica's number one, Caesar Alierta.
In this complex picture, it is not clear what the government's position will be on the possible amendment to the Draghi law on the takeover bid, which could change the cards on Telefonica's table, imposing more stringent limits than those contained in the TUF.
