Consob wants to see clearly and takes the field directly on the Telecom Italia-Vivendi case with a sensational gesture. An inspection is underway at the headquarters of the national TLC group in Rome and Milan to verify the level of influence of the French partner of reference, Vivendi. The operation is physically carried out by the Guardia di Finanza, engaged in the acquisition of documents useful for the work of the Stock Exchange Commission.
The French media group holds 23,9% of Tim and in the last meeting appointed two thirds of the board of directors. But what matters to Consob is to establish whether with that stake Vivendi is able to determine the management of the company. The law imposes the threshold of 25%, for large groups in a condition of contestability, as the threshold beyond which it is necessary to launch a takeover bid. As has been said, Vivendi is below the threshold but evidently Consob wants to verify whether or not there is a de facto check. On 30 May, the EU gave the go-ahead for control subject to the sale of Persidera, a broadcasting company that owns 5 national digital multiplexes, controlled 70% by Tim and 30% by the publishing group GEDI.
The question is delicate and the legal interpretation is not obvious: up to now the control thresholds have prevailed. However, with the inspection, the Consb is in any case exerting pressure on the TLC group and on the French shareholder at a time when the permanence or otherwise of the CEO Flavio Cattaneo at the helm of the Italian telecommunications battleship is at stake. Just tomorrow the board of directors is scheduled to approve the half-yearly. It is no mystery that Vivendi, after Cattaneo's "muscular stance towards the government on the national level for ultra-broadband and on Infratel tenders, would like to close the experience with the manager and already has a replacement ready: Amos Genish (former CEO of Gvt, the company sold by Vivendi to Telefonica) in the role of general manager with administrator powers and responsibilities.
