The battle for the unbundling of the network gets underway and the president of Telecom Italia, Franco Bernabè, chooses his advisors. Morgan Stanley, Mediobanca, Intesa Sanpaolo and Barclays Bank will assist the telephone group both in defining the price of the network and in the spin-off procedures.
Deutsche Bank, on the other hand, is the advisor to CDP with which Telecom is starting negotiations on the spin-off in view of the formation of a newco to which the network will be transferred.
The fact that the CDP leaders expire at the next budget meeting in May - even if their work is unanimously judged positive and this suggests their reconfirmation - should lead to an acceleration of the negotiations. But the crux is the price that still divides Telecom from Cdp.
The spin-off of the network is not the only table Bernabè's group is involved in: in addition to the sale of all or part of TI Media, the willingness of the Egyptian tycoon Sawiris to subscribe to a reserved capital increase that will allow him to enter the capital of Telecom Italia holds court and will be examined in one of the next board meetings, even if CEO Marco Patuano cooled the hypothesis today
Between the spin-off of the network and the Sawiris project, the time is approaching for Telecom's key shareholders to decide what to do with their investment and how to put management in a position to accelerate the group's development.
