It was supposed to be the board in which Telecom Italia reopened the Metroweb dossier but yesterday the stop imposed by the Buenos Aires Authority on the sale of Telecom Argentina Fintech changed the priorities of the largest Italian telecommunications group led by Recchi and Patuano. The green light for the reopening of the Metroweb dossier was there and Telecom is willing to reopen negotiations with Metroweb shareholders (F2i and Fsi-Cdp) but under four conditions: exclusive negotiations, no condominium with other operators, sustainability of the plan industry, the certainty of receiving the authorizations from the Antitrust and Agcom, which at the moment appear to be at least problematic.
On the "hypothesis of a relaunch of the marriage between Telecom and Metroweb, beyond the complex regulatory nodes, it will now be up to F2i and Fsi first of all to decide whether to sit at the negotiating table or consider the conditions set by Telecom impracticable, also considering that the The letter of intent signed by Metroweb shareholders with Vodafone and Wind expires on 31 October.
Despite the acceleration given by Telecom's new reference shareholder, Vincent Bollorè, who intends to reach the telephone company's takeover bid threshold, it is difficult for now to make predictions on developments in the Metroweb case, while initial conclusions can be drawn after the Buenos Aires stop to the sale of Telecom Argentina.
It is true that there will soon be new political elections in Argentina which could change the balance of government with repercussions on the orientations of the Authorities, but the Telecom Argentina operation appears to be on the rise today and removes the possibility of a rapprochement with Telefonica. The group of Recchi and Patuano is therefore already studying alternatives also to make ends meet.
Thus the option of converting Telecom savings shares into ordinary shares is back in the news, an operation that would certainly be very welcome by the market, but so is the possible sale of the stake held in Inwit. The next few weeks will certainly be crucial for the future of Telecom and the market is looking carefully at the new moves.
