New day of achievements in Piazza Affari on Telecom Italia stock, which leaves about one point on the field by mid-morning. The sell-off comes after a series of spectacular hikes that saw the shares rise 14,6% overall last week. The rising M&A hypotheses in the European sector dragged the price down.
The wait of the markets is all for the BoD of 19 September. The meeting will be dedicated to the cost-cutting plan prepared by chairman Franco Bernabè, but also to possible future scenarios in view of the first window (September 28) for Telecom shareholders who intend to cancel the agreement.
Meanwhile, over the weekend, at the Ambrosetti forum in Cernobbio, the protagonists of the match preferred not to say too much: Bernabe stressed the priority of the business plan with respect to the reorganization of the shareholding structure; the president of Generali, Gabriele Galateri (ex Telecom), limited himself to saying that "the contacts between the shareholders continue"; the Egyptian businessman Naguib Sawiris, while interested, came out "because the government sides with Telefonica", which in turn preferred to remain silent.
As for the Mexican tycoon Carlos Slim, number one of the giant America Movil, has decisively denied its involvement. Furthermore, according to financial sources, he would also be part of the match the sovereign wealth fund of Qatar, which together with the CDP has recently signed a vehicle that will have to invest in made in Italy and in tourism.
