Title Tim in the spotlight on the Stock Exchange after the news of the resignation from the board of directors CEO of Vivendi, Arnaud de Puyfontaine, present on the board since 2015.
The farewell to TIM’s board of directors was announced by the telephone company itself, after the rumors initially reported by Il Sole 24 Ore.
The great expectation, at this point, for the meeting between the government and shareholders, scheduled for January 25th.
Together with Mps, the TIM dossier is undoubtedly among those who are hottest on the Meloni government table.
Today in Piazza Affari, TIM’s prices soared in the first few minutes of trading up to over +3%, trying to replicate the previous day’s rally, before limiting gains.
Like this the analysts of Equita SIM comment on the news of the last few hours:
“Yesterday TIM communicated the resignation with immediate effect from the BoD of Arnauld de Puyfontaine. The resignation was motivated by de Puyfontaine himself with the will, in this phase of constructive dialogue with the
institutions, to be able to work freely and constructively and transparently for the benefit of TIM and its shareholders, relaunching a growth path for TIM and working to see the real value recognized
of the company and its network“.
Equita SIM has highlighted that Vivendi confirmed that Italy and TIM remain central to their investment plans.
“In our view, de Puyfontaine’s decision could signal that the Board and the government are moving in the direction of the sale of NetCo to the consortium led by CDP (in line with what had been proposed to the TIM CMD and with what had been defined by the MoU) rather than in the direction of the demerger, supported by Vivendi – reads the comment – In the role of pure shareholder, Vivendi would have more freedom to take one position on the proposal on the network or to propose alternative plans (press articles today also speculate that Vivendi could aim for a change of governance, from the replacement of President Rossi to the revision – according to La Stampa – of the entire board)“.
The Milanese SIM continues, commenting that “the news therefore seems positive to us as a sign of a
clarification and of an acceleration on the path identified by the government for the networkeven if Vivendi seems to maintain a strongly contrary attitude and therefore not be willing to support it”.
“Our idea – conclude Equita SIM – has always been that a bid for NetCo can be less complex to prosecute rather than a demerger who would then have to address the issue of excess leverage. The valuations circulating on NetCo (today La Stampa speaks of 19bn, Corriere reports the range 17-19bn) moreover, they are consistent with our hypotheses and with the need for the group to achieve manageable post-sale leverage. We remind you of the next events: 18 January, TIM Board of Directors. January 25: table consultation for proposals in favor of the sector“.
Yesterday the indiscretions of Il Sole 24 Ore immediately triggered the rise of TIM shares. From the TIM press release, it later emerged that “Arnaud De Puyfontaine added that, in this phase of constructive dialogue between TIM’s main shareholders and the institutions under the leadership of the new government, it is essential that all parties are free to work constructively and transparently in the interest of the Company and all its shareholders”.
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