Is the battle over Telecom Italia reopening? The title is splashed on the stock exchange and quota at the moment (at 12,18 on Tuesday morning) 0,771 euros up by +5,79%. On the one hand, the company's quotations are driven up by the rumors about the race of the Eliott Fund, which would hold a package of 6% of the shares and would aim to present its own list at the meeting in competition with that of Vivendi, which de facto controls the group with 23,9%; and on the other, the expectation of extraordinary transactions which saw Inwit shares jump by 9,5% in Piazza Affari on the prospect of a reduction by Tim (which holds 60% of the capital) but which today loses 0,4% based on post rally gains.
In other words, speculative purchases are moving on Telecom on the long-awaited day in which the board of directors meets to launch the new business plan proposed by the managing director Amos Genish, who took the bridge after the departure of Flavio Cattaneo . The new digital Tim, the sale of Persidera, the crucial question of the unbundling of the access network (the so-called last mile) and last but not least the 2017 accounts. These are the items on the agenda on which the Board of Directors will have to decide in order to relaunch the company that is listed (despite the of the morning) well below 1,08 euro, i.e. the book value at which Vivendi bought the shares at the time of its "raid". Finally, the "package" is closed by the approval of Tim's 2017 accounts and the possible entry of new managers into the team. The rising names of Riccardo Meloni (Leonardo), Agostino Nuzzolo (would acquire new proxies). To complete the boxes of the Chief information officer and Head of revenues.
The rumors about the advance of the Eliott Fund, reported by La Repubblica, have added new fuel to the stock as they foreshadow a broader project, i.e. that of coagulating, around the share of the US fund, a broader consensus on the part of institutional investors (present with about 40% of the capital in Telecom) on an alternative industrial plan to that of Genish and such as to contest control of the company with the French of Vivendi. Fantasy-finance? The wait to see if it's yet another fuss won't last long.
Elliott management, recalls Repubblica, has financed the Chinese buyers of Milan, investing 303 million euros which will have to be repaid next October with interest for another 50 million euros or the loss of control of the Rossoneri company. But the fund created by Paul Singer has total investments of about 34 billion dollars and aims to manage the companies in which it enters as a capital partner.
