Government summons TIM and Vivendi for Golden Power

It is expected this afternoonor the meeting between the government, Tim and Vivendi to discuss Golden Power. Representatives of the telephone company and its main shareholder with a 23.75% stake will be received at the Golden Power Committee, the body that investigates and decides on transactions involving companies of strategic importance, for a supplementary investigation following the sale of Netcothe unit in which the fiber network was merged, to KKR for a sum of 18.8 billion, which could reach up to 22 billion.

The plan also envisages the government's entry into the capital of Netco with a 20% stake and an outlay of 2.2 billion, while F2i has raised 1 billion to take over another 30% of the newco.

Today's meeting

The Government, in reality, has already given the green light to the network transfer operation, but what matters at this moment is verify the existence of the provisions established by the legislation of the Golden Power held by the company and its shareholder and to understand how the French shareholder will move in view of the meeting of next April 23, which will have to approve the operation.

However, Vivendi he never made a secret of who he was against the split of the network, which was not approved ex ante by the assembly, and could also miss today's meeting, while for TIM the CEO Pietro Labriola, director of the operation, will certainly be present.

The lists for the Board of Directors

For the renewal of the Board of Directors of TIM, on the agenda of the next meeting, were well presented 4 lists: the list representing the current Board, that of the minority shareholders and, surprisingly, two lists presented by the funds present in the capital.

Vivendidoes not currently support no list for the Board, from which it withdrew its four members several months ago, in conflict with the decision to implement the spin-off of the network without consulting shareholders. And so, at the moment, he presented a list only for the union council.

There list expression of the current Board, hopes for a Board of Directors reduced to nine members, taking into account the loss of business that will result from the execution of the Delayering Plan and the practice of similar companies, but foresees up to 15 candidates (number corresponding to the current size of the Board). The list consists of six women and nine men: Alberta Figari, indicated as President in place of Salvatore Rossi, Pietro Labriola confirmed as CEOGiovanni Gorno Tempini, Paola Camagni, Federico Ferro Luzzi, Domitilla Benigni, Jeffrey Hedberg, Paola Tagliavini, Maurizio Carli, Romina Guglielmetti, Leone Pattofatto, Antonella Lillo, Andrea Mascetti, Enrico Pazzali and Luca Rossi.

There Asati listrepresentative of small shareholders for a percentage equal to 0.53% of TIM's share capital, includes eight candidates: Franco Lombardi, Alberto Brandolese, Maurizio Matteo Decina, Marco Mancini, Augusto Antonellini, Mario Saluzzi, Franco Parlanti, Carlo Maria Braghero. The list proposes to “ensure a significant presence on the Board of Directors by small shareholders” and is “in line” with the new corporate plan which provides for the divestment of network and Spaprkle assets, deemed “crucial” for the reduction of debt.

The two lists of funds

The Merlyn fundwhich had clearly emerged in recent months in contrast with the current TIM Board of Directors and with network marketing, candida Umberto Paolucci, former Microsoft president and today entrepreneur, which one president by TIM, e Stefano Siragusaan open supporter of Plan B which involves the sale of the consumer division and of Brazil, which CEO instead of Labriola. The fund's list is completed with the names of Ersilia Vaudo, Nicolo Ragnini, Ida Panetta, Ottavia Orlandoni, Boris Nemsic, Robert Hackl, Paul Doany and Barbara Oldani.

However, it came as a surprise list of Giuseppe Bivona's Bluebell fundwhich has filed its list of candidates for the TIM Board of Directors led by Paola Giannotti de Ponti, who was a director of TIM in 2018 when the CEO was Luigi Gubitosi. The Fund, which aims to define itself as the majority list, has 6 candidates.