Runs on the stock exchange the title Rai Way, which in the mid-afternoon gained 3,8%, to 5,06. In the same minutes, the reference index, the FTSE Italia Mid Cap, floated around parity (+0,06%).
The decree under study to sell Rai Way to Ei Towers
The wave of purchases on Rai Way shares was triggered by some indiscretions reported today by the Republic. According to the Roman newspaper, it would be under study a decree of the Presidency of the Council of Ministers to authorize Rai – which controls Rai Way – to reduce its share to below 51% of the capital. The goal would be to encourage consolidation with the tower company Ei Towers, an operation on which there was much debate in recent years.
The stop decided in 2014 by the Renzi government
The decree is necessary because, in 2014, the Renzi government established by law that control of Rai Way should remain with Rai. In this way, the executive managed to block the takeover bid launched by Ei Towers in 2015. Since then, the possibility of changing the rules to allow for consolidation has been discussed several times, but so far there have been no concrete steps in this direction.
Financial and political judgments on the Rai Way operation
The news announced by Republic was promoted by the market, with analysts who judged positively the possible industrial developments of the operation.
Equity
Secondo Equity, the “Rai Way-Ei Towers consolidation would make a lot of sense for the operating synergies (15% of the opex of the combined) and above all for the potential re-leverage of the company (d/ebitda could reach up to 4-5 times)”.
Intesa Sanpaolo
Analysts Intesa Sanpaolo they underline instead that, "while the industrial logic of the merger is unanimously recognized by all the interested parties, it is difficult to say whether the times are ripe from a political point of view".
Anzaldi (Pd), secretary of the Rai parliamentary supervisory commission
Of different opinion Michael Alzaldi, Pd deputy and secretary of the parliamentary supervisory commission on Rai: "I hope - he said - that President Draghi will deny the rumors about Rai Way as soon as possible: it would be truly incomprehensible if the Government decided to sell off an Italian heritage such as the towers broadcasting by Rai".
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