CDP to buy shares in Telecom Italia
According to Reuters, Italian state lender CDP intends to buy shares in Telecom Italia, up to 5%,on the market or in block orders. CDP, does not currently hold any shares in TIM, a source close to
the matter confirmed. The decision on the share acquisition, will be taken at CDP’s board meeting
on Thursday.
• Vivendi currently owns 24.9% of TIM, while Elliott owns 5.75% of the operator and the battle is
raging over the group’s strategy and board. We view CDP’s entry into TIM’s capital as a back up
for Elliott’s plan. Indeed, the Italian government and regulators have sounded very much in favour
of Elliott’s project, objecting Vivendi’s strategy and growing influence at the company. In particular,
Elliott and the Italian State are both pushing for a carve out (and possible IPO) of the fixed access
network from TIM. We believe CDP should therefore support Elliott’s proposed slate for the new
board to be elected at the next shareholder meeting.
Telecom Italia is a telecommunications group based in Italy. Co. is engaged in the communications sector and, particularly, the fixed and mobile national and international telecommunications sector, the television sector and the office products sector. Co. operates mainly in Europe, South America and the Mediterranean Basin. Co.'s operations are organized along two operating segments: Domestic - Italy (providing telephone and data services on fixed-line and mobile networks for final customers (retail) and other operators (wholesale)); and Brazil (operates in the mobile phone, fixed telephony, in long-distance and data transmission markets in Brazil).
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