The spin-off operation of the network has been archived Timthe company led by Pietro Labriola returns to the centre of market attention, on thehypothesis of creating a consortiummostly Italian, ready to take over the majority share of 23.7% in the hands of Livingthe French holding company that is the largest shareholder of the Italian telecommunications company. An operation that recalls the end of the 90s and the takeover bid of the so-called “courageous captains” Roberto Colaninno and Emilio Gnutti. But what truth is there in the rumors circulating on the stock exchange and that have already livened up Tim shares?
The hypothesis of a consortium
According to the rumors advanced from Evening Courier on the weekend, Andrea Piecesformer consultant to Vivendi, and Claudio Costamagnaformer president of CDP, are reportedly thinking about the creation of a consortium of investorswhich also includes some funds, such as the French fund Tikehau and the US fund Blackstoneto move forward an offer to Vivendi for the majority share.
The plan, in fact, would include the initial purchase of a 6-7% stake, at a figure of 500 million of euros and, subsequently, an offer to acquire the entire shareholding.
The operation would be preliminary to one Tim’s “stew”which today has three main assets: Tim Consumer, Tim Enterprise and Tim Brasil. Three assets that currently appear undervalued and that the same “Free-to.Run” plan developed by management aims to enhance.
The reality of the facts
Apart from the main ones actors of the project have already denied an involvement and the project itself seems to be in a very preliminary stage. Rather, the rumors seem to confirm a renewed contendability of the society free from the burdens of the network.
The operation itself it would seem rather complexthe idea of promoting a takeover bid aimed at delisting is simpler, once the adhesions of interested investors have been collected and, subsequently, valorising the three assets.
According to experts, even the valuation of 500 million for 6-7% it would be rather highimplying a valuation of 0.46 euros per share, equal to double the current market prices of 0.23-0.24 euros.
For its part, Vivendi is already ready for an extraordinary operation. The number one From Puyfontaineon the occasion of the presentation of the quarterly accounts, had already announced that in 2025 the holding will write a new chapter “without Tim”.
The reaction on the stock market
Rumors, as is known, are very popular on the Stock Exchange and, even in this sleepy end of August, they have not failed to revitalize stock market prices. Tim has in fact gained 2.1% on a colorless day for the Milan Stock Exchange and other European stock exchanges, after having managed to gain about 3% in the morning. At the reopening today, the flame has died down and Tim shares are changing hands at parity at 0.2374 euros (-0.13%).
