Telecom Italia stock still in the spotlight at Piazza Affari. At 11.45 am the shares gained 2,07% to 0,457 euro, trying to get away from the historic low of 0,433 euro reached on January 23 at the start (the day then ended with a rise of 0,5%), but above all trying to put behind the three nightmarish sessions lived after the profit warning launched on 17 January. In just three days, the stock lost 15,3% of its value, while the capitalization was reduced to 9,1 billion euros.
Tim's rebound is driven by the news on the single network with Open Fiber for which, by now, the road seems traced. The operation also received the official endorsement of the Minister of Economy, Giovanni Tria, who in an interview with Reuters on the sidelines of the Davos Forum expressed the favor of the government the creation of a single fixed telephone network.
“Certainly – said Tria – a single network would bring efficiency to the system and from this point of view I think the government should look favorably on an evolution in that direction but these are choices that private companies and quoted".
We recall that Tria does not speak as a mere spectator, but the Treasury, through CDP, holds 4,99% of Tim. Not only that: Cassa Depositi also owns 50% of Open Fiber (the other half belongs to Enel).
The minister's wishes, among other things, could soon be satisfied given that according to Corriere della Sera, Tim's managing director, Luigi Gubitosi, will soon entrust Rothschild and Vitale&Co with the advisory mandate to study possible solutions on the web.
Meanwhile, on the domestic front, the internal struggle between Elliott and Vivendi continues. The new chapter of the saga features the former CEO of the Tlc company, Amos Genish who, according to what was revealed by Il Sole 24 Ore, sent a letter to the company's board of statutory auditors and to Consob to contest the assessments made by the board of directors which led to his removal from the position of managing director.
The Israeli manager he defends himself against the accusations received and goes on to counterattack by arguing that all the information on the process of updating the business forecasts had been disclosed to the board, while as far as the budget is concerned, it simply should have been presented later. Nell 'disclosure that the Board of Directors of Telecom has attached to the convocation of the meeting for next 29 March, the board had accused the former CEO of hiding the update of the financial forecasts for 2018, a crucial document, because it anticipated that the results would be lower than those included in the budget and in the industrial plan approved last May. Furthermore, according to the board of directors, Genish would not have counteracted the worsening of the financial situation as necessary, only to then oppose the two billion maxi-devaluation launched after the go-ahead for the results of the first nine months, by which time the gap between forecasts and reality was evident.
