Tim negotiates with the Mef for the sale of Sparkle. The board of directors, says a press release, met under the chairmanship of Salvatore Rossi, and examined the offer received from the Ministry of Economy and Finance (MEF) for the purchase of Sparkle and, having deemed it unsatisfactory, gave mandate to the CEO, Pietro Labriola, to negotiate a different option, with possible adjustments to the contractual conditions, on the assumption that Tim maintains a stake in the company for a specific period of time and supports the implementation of the strategic plan. The MEF offer was presented on January 31st and is effective for 15 days. And therefore the telephone company’s board, given that it will meet again on February 14 to approve the 2023 accounts, could obtain an answer by then.
Offer too low: Tim wants to keep a stake in the submarine cable company
The government’s proposal valued the submarine cable company at 625 million euros, plus 125 million earn outs, for a total of 750 million. Too little compared to what was forecast by the peer advisors which instead is equal to 850 million. Tim therefore wants to retain a minority share to sell it at a later time when Sparkle has reached at least the budgeted value and has reached figures closer to those hypothesized by the advisors. The amount that would remain at Tim should be around 15%. The board of directors also continued its activities in view of the presentation of a majority list for the renewal of the Board which should go from 15 to 9 directors.
The criteria for selecting candidates for the renewal of the board of directors were unanimously approved
The assembly, which will also approve the 2023 budget, is convened for April 23rd. As required by the procedure approved last January 18, the president of Tim Rossi gave feedback on the preliminary engagement activities with the main shareholders, institutional investors and proxy advisors, and presented the proposal relating to the candidate selection criteria which is was approved unanimously by the board of directors itself.