The debate on the spin-off of the fixed network from Telecom Italia reopens: in an interview with Il Sole 24 Ore, Franco Bernabè changes his strategy regarding the spin-off hypotheses, no longer considered an "impractical madness".
However, the Executive President imposes constraints. The stew can be done as long as it “creates value” and allows the company to relieve itself of too heavy debt, which makes it uncompetitive and unable to invest. In this regard, the reproach to the Government is significant: "I would like to say that it is surprising that the State has bothered to make billions of resources available to encourage renewable energies and has not instead found so far the 1,2 billion that would have served to fill entirely the digital divide in the country”.
Bernabè points out, however, that there is currently no real project, but a series of studies which also include the one that provides for the spin-off. Telecom's problem, in fact, lies in the regulatory excess defined as "excessively heavy", despite the creation of the "de facto" separation of the network through the creation of Open Access.
In the hypothesis under study, it is suggested that Cassa Depositi e Prestiti enter the capital of a new vehicle to which the Telecom network will be transferred, capable of collecting a loot of around four billion euros with which to lighten the debt (in addition to the deleveraging already carried out for around 6 billion in the last four years). The document, entitled "Hypothesis for setting up a wholesale access operator on a fixed network", previewed by Il Sole 24 Ore, sets out three key procedures: the spin-off and the transfer of the business branch through the creation of a wholly controlled by Telecom, the proportional demerger, the tout court transfer of the business branch to another company, of which Telecom Italia could eventually acquire a share ex-post (but not the majority).
The hypothesis of using the Cassa Depositi e Prestiti for this purpose would imply a sort of "renationalisation" of the network, bringing the Cassa back into the capital of the newco through an increase of approximately 4 billion, which would lighten the debt burden.
All with the aim, in addition to recovery, of allowing the group to return competitive on the market by putting Telecom back in a position to bridge the country's "digital divide" by investing specifically in new generation networks.
Bernabè was very clear on this: investments can no longer have a "publicistic nature", but must be placed in a market context and no longer one of squandering resources.
