The division of Team in two companies, on the one hand that of network and on the other that of the commercial services, took a big step forward yesterday, having been illustrated in detail by the Ad in pectore, Peter Labriola, to the directors of the company, even if it was not appreciated by the Stock Exchange, which pushed the share down (-3,2%). On the other hand, the censorship of the summit of was dry Generali resignation from the board of the vice president Francesco Gaetano Caltagirone and of the councilor Romolo Bardin (Delfin) above all for their reasons, considered "unfounded and offensive".
These are, in summary, the results of the hot Tuesday of the two great challenges of Italian finance in 2022: that of Tim and that of Generali.
Team, who informally brought together the directors to hear the proposals of the General Manager Labriola on the division of the group into two and the consequent spin-off of the network - a prelude to its merger with the Open Fiber network and the birth of the single network controlled by Cassa depositi e prestiti – it was a day of transition in view of the next deadlines. Now it waits the appointment of Labriola as new CEO of the company in the board of directors on January 21st and then the green light on March 2nd al new business plan, which will have to be ratified by an extraordinary assembly on 7 April.
In network company should converge all the strategic activities of the group and therefore also Sparkle e Telsy, while in the service company the consumer activities in Italy and Brazil should enter, the activities dedicated to large customers, the cloud Noovle e Olivetti.
It always remains to understand what the intends to do American fund KKR, which in November announced its intention to launch a friendly takeover bid on all Tim shares, but who, by staying at the window, risks seeing his dream of conquering the first Italian telephone company vanish.
A completely different atmosphere, however, in the house Generali, where the board of directors has started the screening for the candidates of the long list which is a prelude to the presentation of the board list for the leadership of the Trieste company and which will be submitted to the scrutiny of the assembly on 29 April. The Generali top management took note of, but also sharply censored, the controversies resignation as vice president and board member of Francesco Gaetano Caltagironejudging them"unfounded and offensive” and denying that obstacles have been placed in the way of his normal activity at the top of Leo.
The more time passes and, barring unpredictable twists, the rift between the two teams – the one that belongs to Mediobanca which proposes the confirmation of Philippe Donnet in his role as CEO and that formed by Caltagirone, Del Vecchio and Crt – is getting bigger every day and everything suggests a white-hot duel in the assembly at the end of April which will have to decide who to entrust to lead the leading Italian insurance company.
Probably kkr waits for the others to pave the way for him or any other way so he won't have another fish to fry they will do him a big favor and he will launch the takeover bid even at the cost of another launch