Doctor Tamburi, tell the truth: did Carlo De Benedetti surprise you too this time? “No, and the offer to Cir to acquire the shares of Repubblica – replies to FIRSTonline the founder, president and CEO of Tip, Gianni Tamburi – is an operation consistent with the ethics and entrepreneurial history of the Engineer. Let's be clear, I don't want to go into the merits of the deal, but of the philosophy behind it”.
But concretely, how do you see Carlo De Benedetti's move on Gedi?
“I would have suggested another approach: I launch a public offer, I try to reach 100%. And then I do what I want."
Or do I launch a Foundation, as the Engineer would like?
“It's not just his idea. The first to talk about it, in regards to Corriere della Sera, was Giovanni Bazoli, who has recently been worried about the possible negative outcome of the RCS appeal against Blackstone which, in the event of a victory for the American fund, threatens to have dramatic consequences for the group. Hence the decision to proceed, if necessary, with the creation of a structure capable of protecting the asset”.
There has never been such an initiative in Italy. And that doesn't necessarily work. There are those who argue that it is a sort of test ballon to bring out the true aims of other suitors. What do you think?
“On the contrary, I am sure that De Benedetti's intentions are more than sincere. There is all the man's passion behind his words. Even if, I repeat, I would have chosen the path of the takeover bid. But let's stop here: I don't want to say more”.
The fact is that De Benedetti's departure it made the Gedi stock soar, as expected, which immediately jumped beyond the price offered for the Cir share. Investment banks are practicing to find out where the title could go in the event of a spin-off from Repubblica or, if you prefer, the valorisation of other assets starting from the radios, the group's hidden "treasure", according to Banca analysts imi. And it should not be overlooked that the engineer's offensive (“Cir shareholders should thank me for this rather substantial gift,” he said) started when the stock hit its lowest, with a 43% drop since the beginning of 2019.
Arguments that partly explain the return of attention to a sector that seemed doomed to fall into oblivion: drop in sales, fall in advertising, competition from new means of communication.
The publishing business, especially that of printed paper, seems condemned to a bitter fate: what is your opinion?
“The short-term prospects are certainly not good. The disaffection of the new generations weighs heavily, but even more the unfair competition of the great digital players who for years have looted practically free content with impunity. Andrea Riffeser is right who, as president of Fieg, has asked that Italy adopt, as France has done, the EU directive on copyright. But Riffeser himself pointed out that Google has such a dominant position that if the European Parliament does not intervene "we are defenseless". I am convinced that, perhaps not immediately, an economic recovery of the sector is possible which nonetheless maintains great strategic value”.
So will we see Tip in action also in the publishing field?
“Actually, in recent years there has been no shortage of possible customers in this sector. How logical, given that today no one can boast of Tip's widespread roots in the Italian reality” But we are not interested in media exposure, which is not conducive to good business. I think it is useful, as far as possible, to keep a low profile. And I continue to have a blast. This week I was on the road for five days in a row visiting well-known and lesser-known companies that represent the heart of our economy. It is a passion that is worth more than the headlines in a newspaper ”.
After all, the evergreen champions of Italian capitalism, more tonic than ever at the dawn of 85 springs like De Benedetti who wants to let it be known that “I am well aware of my age. But I feel very good." Or like Luciano Benetton, dealing with Alitalia. Not to mention the pyrotechnician Leonardo Del Vecchio.
Doctor Tamburi, is it just a coincidence or is the rescue of the over 80s the confirmation that Italy is not a country for young people?
“They are very different stories. Benetton was forced by circumstances to return to the field."
And Del Vecchio? Why the fury on Mediobanca?
“He wants the IEO. And I believe that, through Unicredit or otherwise, he will be able to do it. As always".
