The Cassa Depositi e Prestiti (Cdp) warms up its engines in view of the Telecom Italia (today Tim) meeting at the end of March and rises from 7,1% to 8,7% of the share capital. The Cassa communicated this to the Sec in the last few hours and, under the guidance of its number one Fabrizio Palermo, is preparing to play the role of needle in the balance in the largest Italian telephone company.
The move by CDP, which held 4,9% at Tim's last shareholders' meeting, had been pre-announced and does not rule out the possibility that it could herald a further increase in its stake in the telephone group up to just under 10%. The purpose of the Palermo action is clear and is consistent not only with the function of the Cassa, which aims to modernize the country by strengthening the endowment of networks and infrastructures, but with the strategy indicated in the new industrial plan which looks favorably on the creation of a single network for telecommunications, which is also well regarded by the current government.
Being a leading shareholder of Tim but also of Open Fiber, where it holds 50% and which it controls together with Enel, Cassa Depositi e Prestiti is now in a position to favor the rapprochement between the two companies based on the creation of a single network or at least close collaboration on investments and their commercial presence on the market.
But the importance and determination of Cdp in the telephone match could have the effect of a definitive clearing up even in the Tim house, leading up to the clash between the two main shareholders - Vivendi and Elliott - which could take place at the meeting at the end of the month and lead to a rebalancing of the board with the confirmation of Luigi Gubitosi in the role of CEO and the probable return of Franco Bernabè to the presidency of the telephone company.
For the new course of the Cassa, after the launch of the new industrial plan and the victory of the appointments in Fincantieri, Snam and Italgas as a sign of continuity, the telephone pax would crown its strengthening in respect of the autonomy of the group from all political pressures and in the affirmation of a development role in the Italian economy far from the nostalgia of IRI and even more of Gepi.
