Mister Capuano, did you consult the most important shareholders before deciding to convert the savings shares? “No, we haven't heard from anyone. Neither I nor CFO Pier Giorgo Peluso have made contact with any shareholder. But I suppose that an operation that generates value can only be supported by the shareholders”.
So replies the CEO Marco Patuano, after having flatly denied the news, reported by the Sole 24 Ore, of a rift between him and the president Giuseppe Recchi on the operation. “I confirm – he replies to an analyst – that the decision was taken unanimously. All the councilors participated in the vote, none excluded, either in the office or via videoconference ". “In the past – he added – I had already shared with you the consideration that the double share class was now anachronistic. Other companies have also moved away from savings. We too had thought of implementing the actions at some point in the future, after further confirmation of the stabilization of the EBITDA”.
The recent evolution of the share, under the pressure of the purchases of Vivendi and Xavier Niel, however, have created the conditions to anticipate the times.”After the strong increase in the value of the shares, we thought that an unmissable window had been created to make a operation which for us has three advantages: the simplification of the shareholding structure, the greater liquidity and the growth of the free float”. As well as, explains Peluso, the inflow of 570 million in cash in addition to savings on guaranteed dividends to savings.
And so, summarizes Patuano, the board "was unanimous in deciding not to lose the opportunity that has been monitored for years". In short, the anti-takeover move was made possible by the pressure of the new shareholders. The conversion operation, which will be submitted to the shareholders' meeting on 15 December, will be completed within the first two months of 2016. The right of withdrawal has been set at 0,9241.
The reasons for the conference call's interest do not end here, punctuated by the strong growth in penetration of broadband and 4G on the domestic market (the group leads the race with a 5-point advantage over Vodafone) and by the leadership in 4G on the Brazilian market. “It's the right time to invest in Brazil” underlines Patuano. But as far as the carioca market is concerned, the mantra does not change: "We will evaluate all the options". Speaking of the negotiation between Oì and the Russian billionaire MIkail Fridman, ready to invest in a possible merger between Tim Brasil and the fourth telecommunications operator, Patuano explains: “We have not received any proposals. In case it arrives, we will examine it as always ”.
Great satisfaction for the reorganization of the access network, a conquest by Patuano against the resistance of part of the internal structure. “All access requests will be treated equally”, thus erasing years of conflicts with other operators.
Meanwhile, another signal is coming from the government on the "political" value of the company: "We are following the story with great attention - answered the undersecretary Claudio De Vincenti to a question on the possible entry of Cdp into the capital - Telecom Italia is a company strategic and as such must be constantly monitored".
