Runs the title on the Stock Exchange of Telecom Italy, which gained 3,35% in the mid-morning, to 1,142 euros (after having reached a maximum of 1,15), achieving the best rise of the Ftse Mib. The purchases are linked to some rumors published last night by the Reuters agency, according to which Vivendi would like to increase its stake in the group to 10-15%, well over the 8,3% that Telefonica is about to gain, to strengthen its influence after the exit of the current strong shareholders.
“Let's give credibility to press rumors”, comments Kepler Cheuvreux in a note, confirming the buy recommendation on Telecom stock. The broker also points out that Vivendi is cash-rich and the Italian telecommunications market is heading towards consolidation, with Telecom in a strategic position.
Today will also meet the Board of Telco to approve the financial statements and acknowledge that the conditions for the dissolution of the holding company which holds 22,4% of Telecom Italia have been fulfilled. The shares of the Italian company will therefore pass from Telco to the shareholders of the holding, namely Telefonica, Generali, Mediobanca and Intesa Sanpaolo, who will probably have access to the shares from the beginning of next week.
The Spanish group will obtain 14,77% of Telecom, but part of the stake 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.
