"The rumors about alleged deconsolidation and/or total or partial valorisation projects of the Brazilian asset are unfounded inferences”. This is what we read in the press release released this morning by Telecom Italy, at the request of Consob, to deny the rumors circulated in recent days on the possible sale of the subsidiary in Brazil.
The company also points out that there are no ongoing contacts with potential buyers and no purchase offers have been received. The Italian telecommunications group therefore reiterates, how Marco Patuano had already done so, the strategic nature “of the investment in Tim Brasil”.
As for Cade's opinion, the Brazilian Authority which, with regard to the modification of the Telco-Telefonica agreements, has proposed a fine for the Spanish group and the sale of Telco shares, Telecom "at present refrains from commenting on a proceeding administration still in its initial stages, of which it is the object, rather than an active part, and which, moreover, it is monitoring carefully, in line with the recommendations also of the Control and Risk Committee”.
The same Committee has appointed an independent legal advisor to monitor the developments of the possible consequences for the company deriving from the agreements between the Telco shareholders and has "asked to report on the matter in the BoD convened for 5 December next, in view of the assumption of any determination that may be appropriate", concludes the note.
At the opening today in Piazza Affari, Telecom Italia shares are down 2,4%, after having achieved the best performance among the blue chips last week: +4,51%, at 0,718 euros, in the wake of rumors according to which a sample of foreign funds, with approximately 0,5% of the capital, would be more than 70% in support of the Board of Directors in view of the meeting. According to an expert, this can be interpreted by the market as support for Telefonica's positions. HSBC promoted the stock to “overweight” from “neutral”, with a target price of €1,05.
