The Mef also takes the field on Tim. The Minister of Economy, Giancarlo Giorgetti, admits that Vivendi, main shareholder of Tim, has its rights, but the NetCo project «is that», so the government continues on its way. The Mef participated in the offer on NetCo and Tim’s board of directors accepted it. “Now obviously the shareholders have their rights and will assert them in the appropriate forums, but that’s the plan”, commented Giorgetti, following the green light from Tim’s board to the operation with the US private equity Kkrin which the Treasury will also participate.
Vivendi, which owns 24% of Tim and has always asked for a higher price for the network, said on Sunday it was considering Tim’s board of directors’ decision is “illegal”, adding that it will use “all legal means at its disposal to contest it.” For the French, in fact, the sale requires not only an extraordinary vote of the shareholders, but also the authorization of an internal committee of the board of directors for transactions with related parties, given the dual role of the Treasury as owner of Cdp, shareholder of Tim, and investor in the network. “Vivendi has its rights and exercises them,” he reiterated Giorgetti who does not seem to fear that the main shareholder of the TLC could block the operation.