The safe opens telco e Mediobanca take advantage of it now. From this morning, in fact, you can ask officially the dissolution of the agreement of the holding company that controls Telecom Italia and the pro-rata assignment of shares (and debts) of the telecommunications group.
The institute of Piazzetta Cuccia has therefore exercised the right to request the demerger of Telco envisaged by the shareholders' agreement, the execution of which remains conditional on obtaining the necessary authorizations from the competent authorities.
“This exercise – explains a note from Piazzetta Cuccia – represents the natural continuation of the process of disengagement from the investment in Telecom Italia announced last June on the occasion of the presentation of the guidelines of the 2014/16 Plan and started on the following 24 September with the reduction of the investment in Telco from 11,6% to 7,3% (in transparency from 2,6% to 1,6% of the ordinary share capital of Telecom Italia)”.
Based on Telecom's current prices, the unexpressed capital gain on the shareholding due amounts to approximately 110 million, which adds to the profit of 67 million recorded in the first half of the current year.
Even the Board of Generali has already approved the exercise of the demerger option, entrusting the CEO Mario Greco with the mandate to define the exit procedures.
At the end of the demerger, Telefonica will have 14,7% of Telecom Italia against a debt of 1,6 billion; Intesa and Mediobanca 1,6% of the capital with a debt of 179 million each; 4,3% will instead go to Generali, together with 475 million in debt.
