December 9, 2022

Hardwood Paroxysm

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Tim, What is the perimeter of NetCo and ServiceCo? And what is the future of Olivetti, Sparkle and Noovle?

Separate Tim into two large companies, Netco for Networking and ServiceCo for Services: This is the scenario that is configured in the context 2022-2024 Tim Industrial scheme to be revealed on March 2. The Board’s guidelines have already been spelled out by CEO Pietro Labriola And devoid of a few details, there should be no surprises at the front of the general approach.

However, journalistic temptations continue to multiply, even with regard to business goals – ie EBITDA from the plan – so much so that Tim yesterday expressed in a note his “disappointment and concern” regarding “Constructions that are baseless and harmful to the companySo harmful that The company announced that it will file a complaint with the Prosecutor’s Office and Consob. Tim also specifies that “the plan is being defined and will be discussed within the Board of Directors and that the relevant quantitative objectives have not been discussed and no decisions have been made in this regard.”

It remains to be understood though The perimeter of the two companies Netco and ServiceCo: It is not clear whether nThe entire fixed access network – that is, the primary and secondary network, or if the network connecting exchanges is also included in the basket. It is not clear then The fate of the mobile network, which must nevertheless remain at ServiceCo. nor what it is Olivetti, Sparkle and Noovle Plan: Assuming They can be separated from Tim and then listed, but this process can be the subject of a second chapter of the strategy.

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Kkr file still exists. According to CorCom, the fund is studying plan B That is, aim directly for a strong role in Netco, thus reducing the ambitions of the entire group for two reasons: the first is that The 0.50 cent offer has no way of getting the green light from shareholders – French Vivendi but also Cassa Depositi e Prestiti: according to the calculations of experts and analysts It should go up to 0.80 due to the hypothetical rating by Vivendi Which could only leave the scene in the face of the ROI made at the time and thus “give away” its 23.7% stake. The other major obstacle in the way for Americans is the government That according to what has been learned he will not be inclined to change the custodian in the contribution structure. The committee set up by Palazzo Chigi must meet again this week Where the three ministers sit Daniel Franco (economics), Giancarlo Giorgetti (economic development) and Vittorio Colao (digital and innovation).

Meanwhile, union pressure continues Especially with regard to the issue of spin-off companies. Two messages sent by Slc Cgil, Fistel Cisl and Uilcom Uil – who are preparing for it too The national strike called on February 23 – First directed to Senate President Elisabetta Casellati, Chamber President Roberto Fico and the heads of parliamentary groups in the Chamber and Senate which you ask for Meeting on events related to Tim Group And the national network infrastructure, the second To the President of the Congress of the Regions Massimiliano Fedriga, to the President of the Anci (Union of Italian Municipalities) Antonio Decaro and to the President of the Uncem (Union of Mountain Communities) Marco Bussonialso in this case to hold a joint meeting on the issues on the board.

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Italy cannot deny itself a “national champion” in such a strategic sector. The technological challenge between the Asian and American TLC giants can only be played on a European level. If Italy wants to take part in this continental merger, it is frankly not clear how we can stay out of it and continue to want to play a leading role in Europe, it cannot fail to have an integrated and solid company that is the protagonist. Internal and external market development”, reads the letter sent to Parliament. In it for local authorities “immediate and significant implications for communities”, arising from “events affecting the Tim Group and the Tlc sector in general”, are highlighted.

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