Tim Assembly, air of optimism: Vivendi ready to lay down its arms and abstain. Helping the Italians

The turning point for Tim’s destinies is upon us. Next week, on April 23, there will be a shareholders’ meeting called to vote to renew the board of directors. At the moment, some newspapers report, shareholders up to around 60% of the capital have been accredited to participate. The step is also decisive because, once the meeting has passed, the announced – and discussed – sale of the fixed network to the KKR fund will reach the operational phase. In an interview given to BloombergTV over the weekend, the outgoing CEO Pietro Labriola, who is aiming for reconfirmation with the support of Cassa Depositi e Prestiti, said he was “100% confident” that the operation will go ahead in any case . Also because none of the other lists that ran were against the operation. It is clear, however, that if Labriola were to emerge defeated, everything would be back in question.

Vivendi’s choice

The French company Vivendi, however, which holds 23.75% of the shares, has long shown nervousness about Tim’s management and, more generally, about an investment in Italy that has turned into a huge loss that is difficult to recover. For this reason, several sources have long supported the idea that Vivendi could join a minority list, for example that of the Luxembourg fund Merlyn. An operation that almost certainly would not have led to a distrust of Labriola but would still have undermined his power, presenting itself as a truly hostile action. According to the latest rumors reaching OpenHowever, now that we are close to the meeting, Vivendi is considering abstaining, thus strengthening the Italian position. The president of the Vivendi board of directors, Arnaud De Puyfontaine, in the past, had spoken out against the agreement with KKR, above all because he considers it to be a low price. The agreement is for 19 billion plus two, the French said that the operation could close at 34. Perhaps precisely because the wind appears, at the moment, more favourable, Labriola has gone so far as to strengthen his statements on KKR in the last few hours: «Everyone is confirming that this deal is the only option to give new strategic and industrial opportunities to TIM and to resolve the debt problem once and for all».

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