The maneuvers around Telecom Italy the quotations of the former incumbent do not warm up, which travels fractionally down to -0,55%. Xavier Niel claimed that he independently invested in the company, has no agreements with other shareholders or investors. In the note issued at the request of Consob, the entrepreneur states that he "operates on his own account and not to act in concert with third parties".
The position "does not confer the availability of voting rights relating to the underlying shares, nor the possibility of influencing the exercise of such voting rights" until the Telecom shares are delivered "by virtue of the options which provide for the settlement in shares ”.
The stake held by the French entrepreneur in Telecom is represented entirely from European-style options, which give the possibility to exercise them only on the expiry date of the contract. The first option will expire on 21 June 2016 and the last on 21 September 2017.
Niel will not have voting rights in Telecom “until the delivery of the shares under the options providing for the settlement in shares”, options which represent approximately 10% of the long position plus 5% in equity swap.
After Consob, also theCompetition and Market Authority asked Niel for clarifications on the investment, to find out if he has built his position through systems harmful to competition.
Bloomberg meanwhile reports that the Russian billionaire Michael Fridman is available to be minority shareholder in the subject to be born byaggregation between Tim Brasil and OI. Fridman has sent a letter to interested parties signaling his willingness to invest $4 billion in this operation.
Telecom Italia, the parent company of Tim Brasile, is available to start negotiations only if its control over the company that would arise from the merger is not in question. Initially, Fridman was aiming for an agreement with Telecom Italia for 35% of the aggregate. OI and LetterOne, the vehicle of the Russian businessman, have given each other seven months to reach an agreement.
