Amos Genish, CEO of Telecom Italia, presented a plan for the voluntary separation of the telephone network to Agcom. The unbundling of the network, i.e. the so-called last copper mile that connects millions of homes to street phone booths, is a strategic issue at a time when Italy - with Open Fiber - is engaged in the creation of a fiber optic network that you get inside the houses. Hence the attention of the Stock Exchange which greeted the leaked indiscretions with a strong rebound.
According to internal sources quoted by Reuters, the plan envisages the establishment of a newco, 100% controlled by Telecom, which would be conferred the assets of the network and all the last mile of the telephone infrastructure, both in copper and fiber optics.
The plan therefore appears to be in line with the requests of the Minister of Economic Development, Carlo Calenda, who in recent weeks had however opened up the possibility of a project aimed at separating the grid. The number one of the Mise and the Ad Genish will meet on February 7th. Just the manager, in December, had expressed afavorable opinion on the subject of the separation of the network and proposed a table with AgCom.
To date, the possibility of a stock exchange listing of the newco appears unrealistic.
The objective of the plan presented by Genish to the Telecommunications Authority is to guarantee the quality of the network and its equivalence towards all operators in the sector. There is still a long way to go: all the subjects involved will have to find an agreement and Telecom Italia will have to continue its talks with the authorities and the government.
After the dissemination of the rumors, Telecom Italia shares accelerated in Piazza Affari, gaining 2,94% to 73,4 cents per share.
GOLDEN POWER, POSSIBLE SANCTIONS BEFORE THE VOTE
Telecom top management is also very busy on the Golden Power front. In the first days of February, the final opinion of the State Attorney should arrive on the size of the fine pending on the group for the late notification of the change of control for the purposes of the golden power. The procedure started after the French Vivendi became the reference shareholder of Telecom, with a current share of 24%.
Calenda, who also spoke on this issue, declared: "The situation will clear up before the vote on 4 March: the Government is going ahead and doing what it has to do". Telecom now risks a fine for an amount that would be around 300 million euros (1% of total turnover), while Vivendi has been pardoned by a regulatory loophole.
The group led by Genish has however appealed to the Head of State Sergio Mattarella against the first government decree of last October 16.
