Twist in Telecom Italy, in view of the meeting of 24 April which could change the corporate balance and mark a patriotic turn in the duel between the French of Vivendi (who are currently the first shareholders of the telephone company) and the American fund Elliott.
Surprisingly the Gentiloni government, after also polling the top management of Five stars and center, sparked the Cassa Depositi e Prestiti encouraging it to intervene in the battle of Telecom and pushing it to buy a block of shares equal to 5% of the share capital, with an investment that reaches a 750 million euro. "It is an Italian presence", they say at Palazzo Chigi, which cannot remain indifferent to the fate of one of the major national groups with a strategic asset such as the fixed network, a crucial infrastructure that regulates competition on the market.
Today the board of directors of the Cassa, chaired by Claudio Costamagna, whose professional activities have already crossed paths with Telecom in the past when he was a manager of Goldman Sachs and in this role he intervened in the privatization of the company but also when he tried to avoid the debt tender offer of the so-called " brave captains” by Chicco Gnutti and Roberto Colaninno, will give the go-ahead for the purchase of Telecom shares up to 5% of the capital.
If the purchase transaction goes smoothly, the Cassa will be able to participate in the meeting of 24 April which must decide on the reshaping of the board in light of requests from the Elliott fund. It is clear that Vivendi will not stand by and will in turn prepare a list of candidates with strong Italian colors but the Cdp blitz could become the needle in the balance and upset the balance putting the French of Bollorè's Vivendi in a corner if it decides to support the Elliott fund.
The games are open, but all the parties involved seem to be oriented towards not questioning the role of the CEO Amos Genish and that of the pro-tempore independent regent Franco Bernabe, who could play the role of man of harmony between the various sides.
The news seems to please the investors of Piazza Affari where the Telecom Italia title gains 3,14% to 0,782 euro, realizing the best performance of the Ftse Mib (+1,6%).
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UPDATE AT h. 20.40 on 5 April
Confirmation arrived in the evening that the Cdp board of directors resolved to enter the capital of Telecom Italia with "a progressive acquisition of a financial stake, not exceeding 5% of the ordinary shares" with a "long-term perspective" which falls within the "Cdp's institutional mission to support national strategic infrastructures and intends to represent support for development and value creation, launched by the company in a sector of primary interest for the country".
In the evening, Vivendi presented the list of its candidates for the renewal of the board: in the lead is CEO Amos Genish, followed by de Puyfontaine, Bernabè, 4 women and 5 independents. The majority is Italian and the new names are: Professor Capaldo of Luiss and the diplomat Valensise
