Farewell to telco. This afternoon the deed of demerger of the holding which controls 22,4% of Telecom Italia was stipulated. The document will become effective starting from the registration in the Company Register of the beneficiary companies. This was announced in a press release by Telco, which today met its latest board of directors.
The ordinary shares of Telecom held by Telco will be distributed as follows: 14,72% to the newco controlled by Telefonica, 4,31% to that of the group Generali and 1,64% to each of the newco controlled respectively by Intesa Sanpaolo e Mediobanca.
The Italian shareholders have long announced their intention to leave Telecom. The Spanish group, as mentioned, will obtain 14,77% of Telecom, but part of the share has been linked to a convertible bond and has in fact already been sold. The remaining 8,3% will pass to Vivendi.
In detail, based on the agreements concluded last September 18 (whose total value reaches 7,5 billion euros), Vivendi sold 100% of Gvt, the Brazilian telecommunications company, to Telefonica. In exchange for this stake, the French receive not only 4,6 billion in pre-tax cash (estimated at 0,6 billion), but also 12% of Vivo (Telefonica Brasil group) and will exchange 4,5% against the 8,3% of Telecom Italia ordinary shares.
In the last few hours, rumors have circulated according to which Vivendi intends to grow up to 10-15% in Telecom's capital, so as to strengthen its influence after the exit of the current strong shareholders. In the wake of this indiscretions, purchases on the market have multiplied share on the Telecom Stock Exchange, which gained 2,6% in the afternoon, to 1,134 euros, achieving one of the best increases in the Ftse Mib.
