The sale of Persidera, imposed by the European Antitrust on Vivendi as a condition for being able to exercise de facto control over Tim and simultaneously hold 28,8% of Mediaset, is slipping forward. The French group, according to the reconstruction published today by Corriere della Sera and by Sole 24 Ore, has replied to Europe that it no longer intends to proceed with the sale of the digital multiplex company - for which Rayway and F2i had come forward - but thinks to confer participation in a trust.
The answer was sent to the Cesarini area, arriving on the last day for the deadline (February 28) set by the EU for the decision on the sale of Persidera. Tim's chairman and head of Vivendi, Arnauld de Puyfontaine communicated in Brussels that his 70% in Persidera will be transferred to the French trust Advolis which will then proceed with the sale. In the meantime, however, Raiway's offer in consortium with F2i, which had offered 250 million, has expired (as of today), while that of the competitor I Squared Capital, for 290, was not binding. It is worth recalling that the TIM Board of Directors, which met last Saturday 24 February, had accepted the offer from F2i and Raiway and entrusted CEO Genish with the mandate to finalize the transaction, reserving however the right to evaluate any further binding offer that would be presented. Then, the change of course. The minority shareholder Gedi could also oppose the transfer to the trust, which was indicated by Vivendi to resolve the issue of overlapping with Mediaset's multiplexes (Vivendi has a 28,8% stake in the Biscione) and obtain the go-ahead from the EU antitrust to de facto control over Telecom. Failure to comply with the commitments would result in a hefty fine for Vivendi, as a percentage of turnover.
The Stock Exchange is watching the latest developments in Tim's management with great interest in view of the board of directors meeting on 6 March, convened to evaluate the new 2018-2020 business plan and approve the 2017 financial statements. More details will emerge, on that occasion, also on the Persidera file. Telecom Italia shares in Piazza Affari started up but at 11,55 they lost 0,35% to 0,7372 euros when the Ftse Mib was down 2,19% below 22.000 points.
