Sprint start and Tim slows down sharply at Piazza Affari. After a brilliant start, the former telecommunications monopolist reversed course on the Milan Stock Exchange, losing ground by up to -3,47% and trading at 0,38 euros per share. The stock had initially risen to 0,40 euros, levels not seen since February 2022. The initial impetus had been provided by the wait for the hearing in Cassation on the maxi refund of the 1998 concession fee that the Court of Appeal of Rome, last January, condemning the Presidency of the Council to reimburse almost one billion euros to the company led by Pietro Labriola.
But the cold shower came from the Court of Cassation itself. The judges raised a procedural doubt ex officio: was it correct for Tim to appeal against the decision on the competent court, or should another legal path have been followed? Now the parties have 30 days to present observations, which could stretch – and not a little – the timeframes for any refund.
But the news doesn't end here. The picture is also livened up by rumours about the confirmation by the Tar of maxi fine of 74,3 million of euros for the violation of the law "golden power”, linked to Vivendi’s failure to give notice of the de facto control it exercised over Tim. A chapter that dates back six years and that, Intermonte recalls, will not have repercussions on the accounts, given that the amount had already been set aside.
Open Fiber-FiberCop Agreement: Where Are We At?
Meanwhile, on the network front, we are back to talking about fiber and the National Recovery and Resilience Plan. Sun 24 Hours reveals that, in the last meeting at the Department for Innovation, the rollout of the network in the grey areas was discussed. In detail, the issue concerns the transfer of five lots of the 1 giga Italian Plan in the grey areas, a semi-market failure, from OF (it had been awarded eight in total) to FiberCop. The government has given the green light to the transition: the executive's objective is to achieve the objectives of the PNRR in order to avoid incurring heavy sanctions. Today the Open Fiber Board of Directors, with a possible repeat on Thursday, to evaluate the possible sale of lots to FiberCop. All awaiting the green light from the shareholders CDP (60%) and Macquarie (40%).
According to Intermonte, the not-so-idyllic climate between Open Fiber and FiberCop, combined with the pressure of the PNRR deadlines, could push towards a tactical collaboration between the two entities. An agreement by 2026 – 30 months after the sale of FiberCop – would allow Tim to collect a “bonus” of up to 2,5 billion euros, linked to the industrial synergies promised at the time of the sale of FiberCop.
"There is clearly a desire from a government point of view to see if the conditions exist to create a single network. A single network that should guarantee savings in terms of investments and optimization and therefore we as shareholders of FiberCop are analyzing to understand if the conditions exist", he declared Alberto Signori, partner of Kkr's infrastructure team, after merger rumors.
Last update: Wednesday, May 27, 2025 at 15:30 p.m.
