Vivendi goes on the attack on the Tim network and takes the board of directors to court – WWN

Vivendi breaks the delay and is preparing to battle in court over the sale of Tim’s network to Kkr. The French group’s lawyers have finished writing the appeal which should be filed tomorrow. a postponement to next week is also possible, but expected before the Christmas break. The objective is to block the transfer of the infrastructure approved by the Tim board on November 5, against the opinion of the French. The appeal should be accompanied by the request for a precautionary measure, pursuant to article 700, with the aim of freezing the operation until the final judgment of the Court.

Although over a month has passed since the council’s decision by Tim on the net, the appeal of the French was expected. During the negotiations, Vivendi had contested the operation several times, retaining the price offered by KKR (18.8 billion plus 3 billion earn out upon the fulfillment of certain conditions, including the creation of the single network with Open Fiber assets) lower than the value of the infrastructure, indicating the possible collection at 31 billion. To try to stop the process, the media company led by Yannick Bollor, which owns 24% of Tim, had then asked that the operation be submitted to the vote of the assembly, but the board continued and decided to approve it in the council the sale to the consortium led by KKR which also includes the Ministry of Economy, destined to take over up to 20% of the network, and the Italian infrastructure fund F2i, candidate to buy 10%. Yesterday the Minister for Relations with Parliament, Luca Ciriani, recalled that public participation in the operation was created to avoid any risk of losing strategic control of the Network and to safeguard the workers involved.

The price of Tim shares on the stock exchange did not differ much from the value recorded the day after the green light for the sale of the network (0.25 euros, equal to yesterday’s closing, down by 3.4%), signaling the caution of the operators on a game certainly well hinged by the Tim’s CEO, Pietro Labriola, but with still several issues to resolve. The main criticism is represented by Vivendi, driven more than by strategic reasons by the need to defend its investment, which has so far cost 3 billion in capital losses out of 4 billion committed. The 24% stake in the telephone company now seems destined for sale and the appeal could increase the pressure on the parties involved in the game to release Vivendi and find a buyer.

The network operation, meanwhile, continues. A council meeting from Tim is scheduled today which will have on the table the request for an extension from KKR for the presentation of the binding offer on Sparkle until January 30th, which will be granted. The international cable company should end up under the direct control of the Ministry of Economy, KKR’s ally in the purchase of NetCo, even if a solution to the valuation remains to be found.

The board will also start the submission procedure of the list for the council, which expires in the spring with the approval of the 2022 budget, starting to discuss the update of the regulation. The process should conclude in January with the approval of the document and the indication of the person in charge who will have to lead the process that will lead to the composition of the list. CEO Labriola has already given his availability for a second mandate if the shareholders want it: the opposition to the renewal of the first shareholder Vivendi appears obvious, but it will be necessary to explore the opinion of Cdp (10%) and of the market which holds 65% of the capital of Tim. The president, Salvatore Rossi, has made it known that he is not available for the renewal and will make his position official today. This will open the list of names for succession. Those of Giovanni Gorno Tempini, president of Cdp expiring in April 2024 and advisor to Tim, and of Emma Marcegaglia, at the helm of the family steelworks, have circulated on the market. But the journey is still long.

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