Fincantieri on Saint Nazaire, Vivendì on Telecom Italia: two cases now closely linked in the confrontation between Italy and France which, despite attempts at détente, seems to have to continue for a long time to come.
After nothing done in the three-way match between the Minister of Economic Development Carlo Calenda, the number one of the MEF, Pier Carlo Padoan and the French Minister of Economy, Bruno Le Maire, during a briefing to the Chamber concerning precisely the Fincantieri - Stx case, the owner of the Mise go on the counterattack:
"We will apply the rules on the golden share with intransigence and we will propose an anti-robbery rule for listed companies”.
Tim: the investigation is under way
But the problems between Italy and France do not only concern Fincantieri and also extend to Telecom Italia. On 31 July, Minister Calenda sent a note to the Presidency of the Council in which he requested an investigation by the coordination group within the Presidency itself aimed at evaluate “the existence of notification obligations and, more generally, the exercise of special powers on the corporate structure of TIM Spa".
This is what can be read in a note published on the Government website which explains that the aforesaid investigation “will assess the existence of notification obligations and, more generally, the application of the decree-law of 15 March 2012, n. 21, in relation to the press release of July 28 of TIM spa.
"In the press release in question - reads again on the Government website - some corporate governance issues addressed by the Board of Directors of TIM SpA were disclosed, inter alia, and, in particular, the acknowledgment of the start of the management and coordination activities by Vivendi SA. The press release in question disclosed, inter alia, some corporate governance issues addressed by the Board of Directors of TIM SpA and, in particular, the acknowledgment of the start of management and coordination activities by Vivendi SA ”.
It should be remembered that on 1 August, the president of the PD, Matteo Orfini, presented an interpellation to the same ministry, in turn asking for an assessment relating to the activation of the golden power on Telecom. But Minister Calenda had already made his move.
We remember that Vivendi currently holds 23,9% of Telecom Italia. dfter the millionaire exit of the now ex CEO, Flavio Cattaneo and the transfer of powers to De Puyfontaine, Consob has decided to launch an investigation in order to ascertain whether the number one of the transalpine company, Vincent Bolloré, is also exercising the management and the coordination of the Italian company.
If this were the case, the obligation for the transalpines to consolidate the debt and make a takeover bid could be triggered.
Calendar on Fincantieri
On Fincantieri we go ahead with the hard line. Calenda reiterated that the Government “will maintain the line of firmness which he has followed up to now, keeping the channel of dialogue open” with the French executive. Because "we believe that all the conditions exist for reaching an agreement on Stx and moving forward on the partnership project between Fincantieri and Naval Group", you underlined.
The minister recalled that the question of the composition will be addressed in the Franco-Italian bilateral summit on 27 September, recalling that "on 31 May, President Macron, visiting the Stx shipyards, expressed his willingness to review the agreements signed between the Italian group and the Hollande government, effectively giving the Minister of the Economy a mandate to initiate a further discussion with the Italian interlocutors which took place on 5 June in Rome, when we met Le Maire with Minister Padoan”. And “in that meeting – he continued – we made it clear to our French counterparts that we believed lthe substance of the agreement made with the previous government that cannot be changed".
“There is no doubt – Calenda told Montecitorio – that we are facing a world in which nationalism and protectionism are making a comeback. Our country must strengthen the defense mechanisms against incorrect and predatory behavior. For this reason the Italian Government, for a long time alone in Europe, successfully thwarted any plans to weaken trade defense instruments”.
Furthermore, explained the head of Economic Development, “for this reason we have sent to the EU a draft law against predatory takeovers of high-tech companiesby companies from countries that are not market economies. Finally, for this reason we will apply the rules in force on the golden share with intransigence and we will propose an anti-robbery rule for listed companies”.
"A serious country - he said again - acts through the rules, which can be strengthened if the situation requires it, but not by discriminating on the basis of nationality". This was stated by Development Minister Carlo Calenda in the report on Fincantieri-Stx to the Chamber. "A serious and strong country - he continued - does not shut itself down to play only in defense, especially when it has the awareness and pride of being the fifth country in the world for trade surplus of manufactured goods and understands that its future is inextricably linked to its ability to compete on international markets and to attract growth capital".
