The Treasury's offer is not “satisfactory”. This is why the board of Team has given a mandate to the CEO to negotiate a new offer for with the Ministry of Economy Sparkle, i.e. the international network of submarine cables that allows the transfer of communications (voice and data traffic) in over 50 countries and which also connects the Middle East to the United States. Tim's board of directors, meeting today under the chairmanship of Salvatore Rossi, he examined the offer received from the Mef for the purchase of Sparkle and, having deemed it unsatisfactory, gave a mandate toCEO, Pietro Labriola, to negotiate a different option with the government, with possible adjustments to the contractual conditions, on the assumption that Tim maintains a stake in the company for a specific period of time and supports the implementation of the strategic plan.
Tim, the Mef offer on Sparkle
The MEF offer, which reached Tim's table at the end of January, concerns 100% of the company - considered strategic for the purposes of national security, therefore protected by golden power – and in fact it does not differ from the initial evaluation which was 600 million plus 150 million in possible additional awards. The offer "also refers to the possibility of negotiating a different option, with possible adjustments to the contractual conditions, in the event that Tim maintains a minority share for a specific period of time and supports the implementation of the strategic plan".
Tim and the renewal of the Board of Directors
The board, adds the note, also continued its activities in view of the presentation of a majority list for the renewal of the board, which will take place at the meeting called to approve the 2023 budget. As required by the procedure approved last January 18 , the president gave feedback on the preliminary activities of commitment with major shareholders, institutional investors and proxy advisors, and presented the proposal relating to the candidate selection criteria which was approved unanimously by the board of directors.
