Vito Gamberale, number one of F2i, according to an indiscretion - later denied - by Repubblica.it, would have sent the top management of Mediobanca and Intesa Sanpaolo a proposal to subscribe to a hypothetical capital increase by Telco, a subsidiary of Telecom's upstream box from the Spanish Telefonica.
Telco owns 22,5% of Telecom Italia, and the logic of Gamberale's plan would seem to make the capital increase that Telecom should launch less indigestible for Telco's shareholders. Capital increase that Sawiris would be willing to fully subscribe to, but which has so far met with firm opposition from Telefonica.
According to rumors, F2i would be willing to offer an amount between 500 and 750 million euros, at an advantageous price compared to the current quotation. Consequently Telco would have the resources to follow the hypothetical increase from 2,2 to 3,3 billion of Telecom.
Franco Bernabè, meanwhile, is considering the hypothesis of not opening up to external capital, as also reported by the press in recent days, while Gamberale strongly advocates the hypothesis of the spin-off of the network, with the aim of involving CDP and Metroweb ( controlled by F2i) in the industrial plan, with a view to developing optical fiber which competes for the market with the former monopolist.
Sawiris, meanwhile, has circumvented Telefonica's veto by offering its stake directly to Telecom, a move that has significantly changed the scenario.
The Telecom executive committee scheduled for next Thursday, preparatory to the board meeting on December 6, will be decisive, also to confirm Gamberale's interest, the day in which decisions are expected on any capital increases and on the strategy regarding the spin-off of the network .
