Incorporation of Telecom Italy Media and launch a 2 billion bond among institutional investors. These are the decisions of the Telecom Italia board of directors which yesterday also approved the 2014 accounts, returning to net profit after three years and deciding to distribute the coupon to savings shareholders.
La merger by incorporation of Telecom Italia Media into Telecom Italia will take place with an exchange ratio that envisages 0,66 Telecom Italia ordinary shares for each TI Media share and 0,47 Telecom Italia shares for each TI Media share. Alternatively, a shareholder may exercise the right of withdrawal at market prices. There are no cash settlements.
The merger by incorporation project will now be submitted to the final approval of the shareholders' meetings of the two companies set for April 30 (TI Media) and May 20 (Telecom Italia).
In addition to the approval of the 2014 accounts and the distribution of a coupon for savings shareholders, the Telecom Italia board of directors has also started the placement of a bond loan unsecured equity-linked for an amount of up to 2 billion euro maturing in March 2022.
