Cdp convenes the board of directors for the offer on the Tim network
Cassa Depositi e Prestiti has convened a extraordinary board for tomorrow, Sunday 5 April, to present an offer on the network Tim. The goal, according to what transpires, is to present the offer before theopening of markets on Monday 6 April.
Regulatory risks
According to the figures circulated in recent days, the economic proposal of CDP would not differ substantially from that of the US fund Kkrwhich he had offered 18 billion. Tim’s board would thus have to choose between the offer of usa backgroundalready judged low (in the board they evaluate the network about 40% more but from the Americans they expect a raise of no more than 10%) as well as full of conditions deemed inadmissible, and that of Cdp, similar but accompanied by heavy regulatory risks. In fact, CDP also has 60% of Tim’s main competitor on the network, Open Fiber.
Vivendi’s obstacle
A further obstacle is represented by the French shareholder Vivendiwhich evaluates the network 31 billion and with his 24% of the capital he can block the extraordinary assembly.
In recent days, the CEO of Cdp Equity, Francesco Mele he recalled how it was not easy to submit an offer for the Tim network. “There are implications industrial, legal and competitive which must be carefully evaluated. Then there is a political design which indicates what is the desire to create one National Network a public scrutiny which can be done in many ways and not necessarily with us”.