Not even if it had been planned could one have imagined such a disruptive twist for Tim's assembly as the news of the arrested in France for suspected corruption of Vincent Bollorè, owner of Vivendi, the first shareholder of the telephone company. At a distance Marina Berlusconi, whose group is at loggerheads with the French finance company for the flop of the Mediaset Premium affair, was also tranchant on Telecom: “We don't have a hope. What I can say is that Mr. Bolloré did not contradict himself in the way he behaved even in Tim because he used the delicacy and composure of an Attila ”.
“Only that Attila had managed to create a huge empire – Berlusconi added on the sidelines of the Mondadori assembly – we have all seen very clearly and experienced first-hand their arrogance and ruthlessness also because they do nothing to hide them. What they hide very well is the strategic thinking behind their behaviors and they do it so well that sometimes one wonders if they really have it ”, he concluded. With reference to Mediaset, the number one of Mondadori then commented: "The Mediaset-Sky agreement is a non-exclusive commercial agreement therefore it is possible that there are also negotiations with Tim for the sale of some contents"
Tim's eagerly awaited shareholders' meeting, which opened this morning in Milan with 56,7% of the share capital present, which then rose to 65,9%, was led by Franco Bernabè, independent vice president and regent after the resignation of the president Arnaud de Puyfontaine and the directors appointed by Vivendi. The Italian manager recalled at the beginning that the integration of the agenda with the revocation and appointment of six directors was suspended due to Vivendi e Tim won the appeal against the update of the agenda wanted by the board of statutory auditors. He therefore invited the shareholders not to intervene on the issue that will be addressed in ten days, in the subsequent and decisive meeting of 4 May, and that is on the entire renewal of the board, but he nevertheless recalled that the same appointment of CEO Amos Genish was subject of "voting obstructions by many shareholders, who cannot remain unheard". For this reason he proposed to vote on the entire agenda which mentions, in the first point, the co-optation of the managing director in office on the Board of Directors.
Participations in the meeting above 3% were those of Vivendi – whose former number one, Vincent Bollore, it was placed arrested for corruption – with 23,94% of the capital, del Elliott fund by Paul Singer with 8,85% e CDP with 4,78%, up on the 4,26% previously communicated. In the Rozzano auditorium 87 shareholders met on their own behalf, 4.212 by proxy and 4 in representation.
“Tim – declared Franco Bernabè in reference to the controversies and clashes of the last few weeks between Vivendi and the Elliott fund – has the right to a safe and effective guide with the support and stability inspired by a long-term vision. Instead we witnessed a progressive deterioration of relationships".
“In my view – continued Bernabè at the opening of the meeting – the controversy has touched excessive tones that are not very suitable for a company of our standing.
According to the Vice President of the Group, the ongoing conflict over Tim has generated “a wrong climate with serious reputational repercussions. I hope that all the shareholders work actively in the future”.
Bernabè, underlining the long relationship that binds him to Tim of which he was CEO and president in the past, recalled how the company is an "important reality for Italy, for all those who work there for all Italian citizens". “We need – he declared – a less conflictual attitude and more attentive to the overall interests of all the shareholders”.
Taking the floor during the meeting Amos Genish he stressed to the members present that he will try to work with everyone. "I'll try to work with anyone over the next few years," she said, adding "we'll see you next year." At this point the crucial appointment moves to May 4, when the new board of Telecom Italia will have to be appointed and for which both the Elliott fund and Vivendi have presented majority lists. Speaking about his future after the meeting to be held in 10 days, Genish said: “I am here as CEO, like all CEOs I have full confidence and the trust from the company is a key factor, I hope it can happen even in the future". the ad, confirmed today in the role until 4 May with the votes of 97,86% of the share capital present, then announced that "the implementation of the unbundling of the network will take place in a period of 12-18 months".
Finally, the shareholders' meeting gave the go-ahead to the shareholders for Telecom Italia's 2017 accounts and the dividend for savings shares. Ok also to the new board of statutory auditors which saw the majority assigned to the Vivendi list which obtained 75,3% which expresses 3 standing members and two substitutes. The president remains Roberto Capone.
We will now have to wait for May 4th for the appointment of the new Board of Directors. In Piazza Affari, the stock lost 0,8% to 0,8626 euros.
