CDP ed Enel, shareholders of Open Fiber with 50% each, they chose to postpone the deadline for exercising the pre-emption right on their shares of the company led by Elisabetta Ripa. The deadline, which would have expired today, has thus been moved 25 to February. In this month the shareholders hope to find a solution in view of the sale of the Enel stake to the Australian fund Macquarie.
The problems to be faced are different. First of all, Cdp's right of first refusal on the entire share of Open Fiber that the electricity group has decided to sell to Macquarie (between 40 and 50%). If the Cassa decides not to exercise it, Enel will sell the stake directly to Macquarie, to then discuss any remaining 10% (or less) that could be purchased by Cdp to have an absolute majority in OF's capital and thus perform the role of guide in single network operation with Tim. The controversy is about the price of this residual share (up to 10%) which would be determined on the basis of the price offered by Macquarie (2,65 billion plus earn out for 50%).
The second question on the table concerns the shareholder agreements which will be signed with the entry of a new entity, Macquarie, in the shareholding structure of Open Fiber. The value of the 10% stake, in fact, is also linked to whether or not CDP has exclusive control. The current Open Fiber shareholders' agreements provide that from April 2017 to the end of 2021 Enel will be the CEO and CFO and CDP will be the chairman. From 2022 the roles, for another 5 years, are reversed, so it would already be up to the Cdp to express the CEO and the CFO.
