And ‘hostile takeover. Now there are more doubts: French billionaire Xavier Niel is conducting of Telecom Italy that, in the Anglo-Saxon finance, defining hostile takeover. Last Thursday, the owner of the Internet group Iliad, of Monaco Telecom and Orange Switzerland had officially to have long positions (derivatives and options exercisable over the next two years) sull’11,2%: the share yesterday to tend headed to Rock Investment, the family office businessman born in the south of Paris, has risen to 15.14%.
And banking sources report that € ™ s goal € ™ s business owner, major shareholder of the newspaper “Le Monde”, together with Pierre Berga and banker Matthieu Pigasse, is to reach the same share of Vivendi, chaired by Vincent Bollorè, which recently announced that it possessed 20.2% purchased gradually. Stock Exchange € ™ s rounding by Niel has again caused unâ € ™ soaring securities up to a maximum of 4%, before closing up 0.55% to 1,269 Euros. And the current capitalization of 23.3 billion, the value of the virtual share Niel is 3.5 billion. The package is made up of a 10.03% derived from six different options contracts call (purchase) with different settlement dates, from a package of 4.8% with settlement on June 21, 2016. In addition to these calls, Niel It holds other long positions equal to 5.1%, always with voting rights. Thanks to the partnership business with Pigasse, big boss of Lazard France, would Niel € ™ s support of the bank dâ € ™ business in the role of advisor and Credit Suisse and Morgan Stanley would support him in purchasing.
QUESTIONS TO CLARIFY
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€ ™ s foray financier network and telecoms triggered promptly € ™ s alert Consob that already two days ago has started inspections of the € ™ existence of hidden pacts between him and Vivendi which together hold nearly 36% dellâ € ™ incumbent. Although it is now clear that the two groups there would be liaison, the Commission convened for the first days of next week billionaire Parisian which will address a number of questions needed to shed light on the blitz.
In addition to relations with Vivendi, offices € ™ s Authority would like to know the typology of these instruments, that is to say if they are converted into shares only at maturity or immediately. Unâ € ™ other demands may include the drawing that inspired the take over: If CA € ™ is a business plan to support the climbing or whether it is merely a financial investment on the growth potentials of Telecom, all the more that Bollorè It ¨ known to create value to the company where it invests. Also yesterday took to the field is also € ™ s Antitrust asking for clarifications to Telecom Italy and Niel. € ™ s Authority wants to know the members Telecom over 2% and the existence of shareholder agreements while the Raiders are asked French acts of the council on the purchase of derivatives.
However it is obvious the opposition Niel with the role that Bollorè gradually took in Telecom, which came in at last May with € ™ s 8.3% from Telefonica as the price of the sale of Gvt, grew up (9 September) to 15.5% and then to 19.9% (October 6), up to 20.2% (October 23). All with the consent of the banks, the management and the government itself: in August, in fact, Bollorè met at Palazzo Chigi Matteo Renzi who confirmed that his investment is stable and long-term.
In the hunt for the reasons that led to the raid Niel Câ € ™ is those who say that is not alien unâ € ™ € ™ s action to Marco Patuano aimed at maintaining the status quo in anticipation of possible changes introduced with € ™ s arrival of Bollorè men on the board: unâ € ™ hypothesis, craftman € ™ final, to be verified and that is not confirmed.
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