No surprises at Tim's board of directors, this year's last, which lasted over six hours.
As expected, the CEO Luigi Gubitosi resigned "with immediate effect", leaving the group.
In his place will come the manager Pietro Labriola , currently general manager of the telecommunications company. For his appointment, however, we will have to wait for the next board of directors.
Gubitosi, disheartened by the majority shareholder Vivendi (who holds 23.8% of the shares), at the end of November had already renounced the proxies from CEO and general manager and now leaves without maxi good exits but with a liquidation of 6.9 million euros, which - according to the agreement between the parties - must be paid by 31 January 2022.
The ultimate goal of this decision is to accelerate the discussion process with Kkr, which is willing to put almost 40 billion on the table, between about 10 of the purchase offer and 30 for subsequent network development investments in the next ten / fifteen years.
The US fund has made it known in recent days with a statement that it does not want to carry out operations that can be perceived as hostile either by the company or by the Italian government (which could decide to activate the Golden Power, or the special powers in the case of mergers and acquisitions in the defense and national security sectors) and explained that there is no deadline in the proposal sent to the board.
The advisors are at work, Goldman Sachs and Lion Tree for Tim and Jp Morgan and Morgan Stanley for Kkr, but it is assumed that the opening of the dataroom takes place as a last step, when the execution of the takeover bid (the takeover bid ) will be close.
On Tim's side, a "detailed assessment" of the expression of interest and "a comparative analysis of the same with respect to strategic alternatives and future prospects of the company are currently underway, aimed at deciding, among other things, whether to give access to the due diligence required by Kkr, "said the telephone company.
"This process is complex and will take time that is not quantifiable at the moment", the company said in a note.
(Unioneonline / F)
