A dramatic turn of events in the long dispute between Tim and government: the Court of Appeal of Rome ha rejected the request of the Presidency of the Council of suspend the reimbursement of the concession fee linked to 1998. While waiting for the final ruling of the Court of Cassation, expected in at least a couple of years, the government will be forced to return what it obtained over 25 years ago, with a bill that will continue to grow until the actual settlement.
The news had positive effects on the market: the title Tim rose by more than 2% in the morning, settling around 0,35% in the afternoon. This potential billion-dollar take could represent a turning point for the group's accounts and reopen the way for dividend, expected in the 2025-2027 industrial plan.
A steep bill: over 25 years of waiting for the Tim fee refund
The story began more than 25 years ago, when Tim paid the State 528,7 million euros for the license fee. After decades of litigation, in April, 2024 the Court of Appeal had ruled that that sum had to be returned. Since then, with the addition of interests e revaluations, account has reached 995,2 million. And it doesn't end there: for every year of delay from April 3, 2024, the figure increases by almost 25 million euros in interest. To date, the total has exceeded one billion and continues to grow.
The government had asked for a stay of the sentence pending the final judgment of the Supreme Court, expected no earlier than 2026. But the Court of Appeal rejected this request, making the payment immediately enforceable.
Tim-government: failed attempt at agreement
Un attempt to find a settlement agreement between Tim and Ministry of Economy and Finance had been set for January 20, but it did not lead to any results. Now Tim can ask for the reimbursement immediate, although the parties could still attempt to negotiate. However, with this decision, the company led by Pietro Labriola finds itself in a position of strength that is unlikely to lead to discounts.
A precedent that gives confidence to Tim is that of Vodafone, which in a similar case has already obtained a huge compensation.
What Tim says about the sentence
In a note official, Tim confirmed the favorable decision of the Court of Appeal. The group "confirms that it has received communication regarding the decision of the Court of Appeal to reject the request for suspension", so the sentence of April last year "is provisionally enforceable, pending the final decisions that will be taken by the Court of Cassation following the appeal presented by the Presidency of the Council of Ministers".
The company stressed that, at the moment, no additional guarantees are required by the group for the execution of the refund.
Sparkle: Where are we at?
Tim: “More time needed to close Sparkle sale”
The board of directors of the telco has decided to grant more time for complete the sale of Sparkle to the Mef and Retelit. In a note dated January 22, the board commented that the negotiations are in “positive evolution” and has decided to extend the deadline until March 15 to allow the completion of the operations necessary for the final decision on the offer.
This “extension of agreement between the parties” comes after thebinding offer from Mef and Retelit It was originally scheduled to expire on January 27.
The Mef is ready to cover 70% of the operation, but credit lines for 600 million euros still need to be defined, in addition to 100 million in capital. Although the final signature may still take some time, the company seems oriented to conclude the sale, which is no longer part of the group's strategic plans.
Updated Thursday, January 23, 2025 at 11:50 AM
