Tim, Bluebell reports hidden agreements. The telco: “Serious and unfounded claims”

After the Merlyn case the Bluebell case breaks out. The funds that presented their lists for the renewal of Tim’s board have raised more than a fuss and appear convinced that they will win converts and be able to prevail at the Assembly. Just a few days ago Tim took legal action following the declarations of the Merlyn fund led by Alessandro Barnaba and the presidential candidate Umberto Paolucci according to which the industrial plan presented by the CEO Pietro Labriola “is not clear and is not sustainable from a financial point of view ”. Statements returned to sender.

Tim and the Bluebell case

And Tim also sends back Bluebell’s accusations – the fund is headed by Giuseppe Bivona and Marco Taricco – who even presented a complaint to Consob in which he requests that the list for the renewal of the board of directors presented by the outgoing board be canceled and that they be the voting rights of CDP were frozen, as were the funds that presented the list of the board of auditors. Reason: “hidden pacts” between Tim and its partners regarding the outgoing board list. In a note, Tim, contesting “the serious and unfounded allegations”, announces that he will proceed “to initiate appropriate initiatives, including those to protect the correct performance of share prices, including before the judicial authorities”. And in confirming the legitimacy of its actions, the company “invites Blubell Capital Partners not to spread misleading information and not to undertake clearly baseless initiatives in its own exclusive interest which could disturb the correct conduct of the meeting”.

Consensus for Labriola’s confirmation is growing

Consensus is growing in favor of the confirmation of Labriola at the helm of the telco and the choice of Figari in the role of president: after Glass Lewis, Iss and Equita it is Norges Bank’s turn to side in favor of the list presented by the outgoing board of directors which supports the CEO and nominates Figari for president.

Exchange offer on bonds underway ahead of Netco launch

Tim launches an exchange offer on a series of bonds with a total value of 12 billion in view of the closing of the Netco operation. The offer concerns bonds with maturities starting from 2026 and the amount of bonds being launched has been set at 5 billion which can be exchanged to become creditors of the new network company at closing with KKR.