Rai Way is strategic and the government has no intention of giving up control of it: this was reiterated Minister of Economic Development, Giancarlo Giorgetti, silencing press rumors according to which the Council of Ministers would be ready to study a new Prime Ministerial Decree with which to allow Rai to drop below 30% in the capital of Rai Way from the current 65%.
“There will be a Prime Ministerial Decree,” confirmed Giorgetti, but “there is no drop below 30%, the government’s ambition and idea is to create, as with Netco in telecommunications, an entity with a significant public presence that manages the entire structure. On RaiWay there is already a resolution adopted by the Rai Board of Directors and the desire to achieve a reorganization in the sector”, continued the minister during the press conference at Palazzo Chigi, answering questions on the possibility of Rai falling below 30% of shares of company that owns the signal diffusion network.
Rai Way, rumors about the sale of shares
The Corriere della Sera wrote that a Council of Ministers would be imminent which could consider a new Prime Ministerial Decree – or an amendment to the existing decree – with which to allow Rai to drop below 30% in the capital of the tower company. Among the different scenariosthe newspaper does not rule out the sale of 15% of Rai Way to Cdp. The newspaper confirms the interest of both F2i (which holds 60% of Ei Towers, Eit) and Mfe (which has 40% of Eit) in exploring a combination between Rai Way and Eit, While Rai would aim to have the majority of the capital of the combined entity.
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According to thel Sole 24 Orein one of the next meetings of the Board of Directors scheduled for 17 and 18 April, Rai should give the green light to the sale of 15% of Rai Way, already announced last January 19th, after the approval of the Industrial Plan. The plan will be financed for approximately 190 million euros also thanks to the proceeds from the sale of the stake in Rai Way.
Giorgetti: “Rai Way is strategic”
At the beginning of March the government signed the Prime Ministerial Decree which authorizes the Rai to reduce its stake in Rai Way, dropping to 30% from the current 65% held. In a hearing before the Rai Supervisory Commission on the future of the tower company, Minister Giorgetti had already clarified that the decree, “allowing the reduction of shareholding below 51%, directly concerns the corporate structure” and “the shareholding of Rai Way SpA is made up of 64.97 percent of shares held by Rai SpA which in turn is 99.56 percent controlled by the Ministry of Economy and Finance”.
“We do not give up control, as reiterated in the Prime Ministerial Decree – Giorgetti further clarified – The control remains because, as is known and happens in other ‘public’ companies that carry out public roles, networks and more, 30% is always considered to be subject to the discipline of corporate law and commercial law, the threshold within which, in the presence of a widespread shareholder base, the shareholder is able to maintain corporate control. So, paradoxically, going from 64% to 30% or 31% changes nothing. And this can be seen by looking at the entire list of State subsidiaries of strategic interest”.
“The problem, however, is that if Rai drops from 64% to 30% and nothing changes, and it does so only to bring home some money, pay off debts and continue to make others, then this must not happen!”, warned Giorgetti.
Giorgetti recalled the delicate phase of digital and environmental infrastructural transition which is affecting the country and how the Prime Ministerial Decree should be placed in this context because it offers “the possibility for Rai Way to open up to the market again”.
The list of candidates for the Board of Statutory Auditors
In relation to the Shareholders’ Meeting called for 29 April 2024, in single call, to resolve, among other things, on the appointment of the members of the Board of Statutory Auditors, Rai Way announced that two have been filed two lists of candidates.
The list presented by Rai, the majority shareholder with a stake representing approximately 64.971% of the share capital of Rai Way, is made up of the following names: Standing auditors: 1. Giovanni Caravetta; 2. Andrea Perrone; 3. Barbara Zanardi; Alternate auditors: 1. Anna Maria Franca Magro; 2. Valerio Bugli.
The list presented jointly by the shareholders (asset management companies and other institutional investors) with a total shareholding representing approximately 4.679% of Rai Way’s share capital is made up of: Standing auditors: 1. Silvia Muzi Auditors; Substitutes: 1. Carlo Carrera.
Pursuant to the Articles of Association and in compliance with the provisions of the law, the presidency of the Board of Statutory Auditors falls to the standing Auditor elected from the minority list.
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