Telecom Italia presented the draft of the project for the separation of the access network to Minister Carlo Calenda. A separate company 100% controlled by Tim will be created. The project will be presented and discussed on 6 March by the board of directors who will approve the update of the industrial plan. This was communicated by the CEO of Telecom Italia, Amos Genish. And Calenda's green light was not delayed.
It is a day of change. Calenda counted on the presentation of the spin-off project, considered by the Minister of Economic Development to be a very important turning point for the future of our country's infrastructure.
As specified by Tim Amos Genish's CEO, who had already launched i first signs of the imminent arrival of the spin-off proposal, "the voluntary evolution of the network separation model, the result of the important work with Agcom, would lead to a new entity with a high level of corporate governance, which will be the most advanced point for what concerns equal access ”. The entire access network (the so-called last mile) both fiber and copper. To date, hypotheses of listing or opening of capital are not currently being considered, but who knows tomorrow. And hypotheses are already circulating on the different scenarios that the establishment of the new company opens up: such as an IPO for listing on the stock exchange or the many times it hopes for a merger with Open Fiber (50% Enel, 59% CDP).
The official go-ahead is subject to the approval of the authorities and the government
The meeting with Minister Calenda was described by Genish as "very positive". And Calenda himself spoke of the project as an "epochal fact, the feedback is positive". The timing of the operation has not yet been defined, even if, since it is an important structural intervention that will require high investments, everything suggests that a conclusion can realistically be reached at the beginning of 2019. Most likely, considering the close dates, from the BoD no final decision will come.
To date, therefore, it seems that the path taken by Telecom is the right one. It is – continued Calenda – “a hypothesis that has been debated for twenty years and for the first time there is a plan”. In the coming weeks, probably before 6 March, Agcom and the Government will carry out detailed technical analyzes to better evaluate the project.
"I thank Genish who did a very good job, in a short time and courageously" declared Calenda, underlining that the work done by the manager "has contributed to calming the climate with the Government".
Only a few months ago, relations between the telecommunications giant and Minister Calenda were more than tense. The previous Cattaneo-Recchi management clashed several times with the Mise on various issues, among all the now well-known question of the Golden Power. Telecom Italia risks a fine of approximately 300 million euros (approximately 1% of turnover) for not having communicated the change of control following the entry of Vivendi within the envisaged timescales.
However, the work done by Amos Genish from September to today seems to have changed the cards on the table. The Israeli manager was able to mend diplomatic and institutional relations in a short time. However, the fact remains that the separation of the network and the golden power issue travel on two parallel networks, and a change of course by the Government does not seem possible, which is awaiting the definitive opinion of the State Attorney's Office in order to proceed with the any sanction.
The stock reacted positively to the news of the Calenda-Genish meeting, gaining 3% to 0,7 euro in the morning.
