Telecom Italy recovers ground in Piazza Affari. After the -4,2% recorded yesterday, today in mid-morning the share of the telecommunications company is up 1,3%. Yesterday the board of directors unanimously approved the report to be presented to the shareholders' meeting regarding the appointment of the new board.
The document was born from the proposals of CEO Marco Patuano and suggests various innovations: reduction to 11 or 13 members of the board, with a term of office equal to three financial years and a compensation proportionate to the new composition of the body; delegation structure based on a non-executive chairman and a separate CEO figure, with a strong collegial work imprint based on the investigative activities of the committees; choice of the chairman among the directors meeting the independence requirements.
As for yesterday's stock market crash, several factors had an impact. First, Goldman Sachs removed the stock from the Conviction Buy List, cutting its €1,05 target from €0,95. Fitch, on the other hand, in a note on the company entitled "Telecom Italia: What Investors Want to Know", warned that if the ratio between debt and Ebitda were to deviate from the 3,5 times ratio, the rating would be downgraded.
Lastly, Telecom stock paid for the declarations of Telefonica's management, according to which any consolidation of the mobile sector in Brazil is "complex". In other words, the speculative appeal of the sale of Tim Brasil will soon disappear.
