New leap forward of the stock on the Stock Exchange Telecom Italy (+0,88%) after confirmation of the go-ahead for Sparkle's sales process. In the morning, the shares had attempted to continue the rebound that began yesterday after the collapse recorded in the last 4 months (-35%), but then turned negative. The new wave of purchases came after the chairman Fulvio Conti confirmed the start of the procedures for the sale of the cable subsidiary, news anticipated today by Corriere della Sera.
Meanwhile, tension is growing in the board between the two main shareholders. Last Wednesday the French of Vivendi, the company's first single shareholders with 23,94%, accused the Elliott fund of "disastrous management"., that in the last assembly won the majority on the board. The chairman Fulvio Conti rejected the criticisms and yesterday Massimo Ferrari, independent director of Telecom and general manager of Salini Impregilo, said that "comments on the functioning of governance, if any, must be made in the appropriate forums, i.e. in the boards of directors . As far as I can remember, I haven't heard from anyone to date."
There are three upcoming appointments on the Board's calendar: Monday 10 September the tender for 5G will be discussed (envelopes open on the 13th), while the 24 September the showdown could take place with the managing director, Amosh Genish, chosen by Vivendi and in a truce phase armed with the new Elliott plate majority. Furthermore, during the same meeting, the board should set the date for the shareholders' meeting called to appoint the auditing company: a meeting that could also be the opportunity awaited by Vivendi to regain control of the board. In the end, November 8st the Board will meet to approve the quarterly accounts. And that will probably be the real date of comparison and examination.
Perhaps to play in advance, last Monday - according to Il Corriere della Sera - Genesis kicked off the sparkle sale, one of Telecom's subsidiaries considered strategic for Italy's security, as it manages 550 kilometers of international and submarine cables. According to the newspaper, the CEO has sent the documentation to the banks and is awaiting feedback by today.
The start of the procedure for the sale of Sparkle was confirmed during the day by Chairman Conti.
Mediobanca analysts believe that Sparkle could be worth around 1,8 billion euro: the operation would therefore have a significant impact on a group which by now has a capitalization of only 10,7 billion.
But selling Sparkle could also serve to hook up relations with the Conte government, given that since the appointment of the new board there has not yet been any official meeting. In the meantime, many are wondering what CDP will do, which holds a 5% share package and which, after the change of leadership at the helm of the public safe, could play a significant role in the match between the shareholders.
Still on the government front, it also seems to be moving Arnaud de Puyfontaine, former chairman of Tim and current Vivendi shareholder, who would like to make amends with Palazzo Chigi to create a favorable climate for Vivendi's return to the Telecom board. A perhaps impossible mission, considering the to say the least tense relations between the Italian government and Emmanuel Macron's France.
The theme of the network unbundling, even if on this front the ball is in the hands of the authorities, starting with Agcom, to which the project was already submitted in March.
Meanwhile, Mediobanca it remains positive on Telecom shares, for which it confirmed the "outperform" recommendation with the indication of a target price of 1,2 euros. Also for Equity the shares of the company are to be bought (Buy) and have a target price of 0,85 euro.
Meanwhile, mid-morning the teaTelecom Italia title it lost 0,46% to 0,521 euros on Piazza Affari in line with the Ftse Mib.
