The Board of Directors of CDP has decided to increase Cassa's stake in the capital of Telecom Italia. The operation, specifies the Board, will be carried out in a “long-term perspective”.
The group press release specifies that the BoD has resolved to authorize the purchase of additional Tim shares and that "this investment follows a logic of continuity with the strategic objectives underlying the entry into Tim's capital resolved by the Board of administration on April 5, 2018".
Furthermore, the Board continues, the strengthening of the participation in the capital of Telecom "it is consistent with CDP's institutional mission to support national strategic infrastructures and intends to represent support for the path of development and value creation, started by the company in a sector of primary interest for the country".
CDP does not explain how many shares of Tim it intends to buy, nor in how long. However, the decision of the Cassa comes a few days after the presentation of the new Telecom industrial plan, signed by CEO Luigi Gubitosi and expected for next week.
Furthermore, a few days ago the CEO of Cassa Depositi e Prestiti, Fabrizio Palermo, on the sidelines of Assiom Forex, had expressed himself decisively in favor of the single network with Open Fiber. A message also reiterated in an interview with Il Sole 24 Ore: “The issue of telecommunications networks is strategic for the country's development. It was appropriate for the top management of the two companies (Telecom and Open Fiber, ed) to open up to discussions. Now they are. We'll see how the situation evolves and we wait respectful of the autonomy of both”.
