The Elliott Fund goes on the counterattack: the spin-off of the Telecom network must be done immediately. A few hours have passed since Agcom chaired by Angelo Maria Cardani nipped the project prepared by the former CEO Amos Genish in harmony with the reference shareholder Vivendi: the transfer of the access network to an ad hoc company, controlled by Tim 100%, the position of the telephone group does not change - essentially said the Authority - which remains a subject with a significant market force (Smp) for the purposes of defining the relevant market, both as regards the type of product and relation to the market level.
Elliott's lunge arrives punctually: Tim's board of directors must take the necessary steps – a Fund spokesman told Reuters – for the spin-off of the company without further delays. Underlined by the American Fund which currently holds a majority position on Tim's board, Agcom's decision confirms that the plan prepared by the majority shareholder Vivendi is not sufficient to lead to a change in the regulatory framework. The US fund, as reported by Radiocor, also deems it desirable to convene a table "as soon as possible" on the hypothesis of a single network between Tim and Open Fiber.
Since the beginning of last year, Tim has been at the center of the battle between the reference shareholder – the French group Vivendi – and the Elliott Fund, which has conquered its leadership on the board. The clash is over the strategies for relaunching the growth of the former Italian telecommunications monopoly group burdened by around 25 billion euros of debt, in a very competitive market such as the Italian one and characterized by a generalized drop in revenues against an increase in investments for new fiber infrastructure.
The escalation of Tim's internal clash and the news of the last few days continue to put pressure on the title. After -7% on Friday and -2,6% on Friday, Tim falls again in Piazza Affari. Ordinary shares are down today, 22 January, by more than 3% to 0,4613 euros.
(Last update: 10.34 pm on 22 January).
