Telecom Italy refer advice – BBC

telecommunications

Milan , November 21, 2015 – 16:41

     
     
 

You slipped the board of Telecom that yesterday would have to meet to supplement the agenda of the meeting scheduled for 15 December with the demands of Vivendi. President Giuseppe Recchi (pictured) has decided to postpone the meeting until next week, after Thursday night Assogestioni sent the company a letter in which he expressed deep concerns about the request of the French shareholders, who want the ‘enlargement of the board and the input of their four representatives.

Requests for Assogestioni

Assogestioni asked the council to express Telecom the assessments and Recchi had decided to postpone the meeting yesterday to get a clearer picture as to represent the board. The president would also asked for a legal opinion to understand what are the obligations of the board. Article 126 bis of the Consolidated Law on Finance, on which the request is based Assogestioni, provides that the Board may express “their possible assessments” on the request for integration came from members. Not the obligation to do so. Last night there was a first confrontation between Recchi and Assogestioni to try to find a way out of the impasse that has arisen. Clarification is also aimed to have all the elements necessary to represent the matter to the board of Telecom, which could meet early next week. On Monday, the leaders of the group have been called by Senator Massimo Mucchetti for an informal hearing before Committees of Industry, Trade and Tourism and Public Works and Communications of the Senate.

Decision to shareholders

The orientation would be to keep the board of Telecom out of the confrontation that has opened between Vivendi and Assogestioni. The impression is that this is an issue between shareholders, concerning the request, legitimate, a member who holds 20.1% of the capital to expand the board of the group to take place, should be the shareholders to speak at the meeting, not the board of Telecom having to take a stand. No one of course want the clash. Beginning with Recchi who initiated the confrontation with Assogestioni also to see if there is space to indent the conflict. Solutions are always possible, but it must be verified the will of the funds. And also that of Vivendi. Yesterday evening Telecom earned promotion Fitch, which has raised the outlook to stable, confirming the BBB- rating.

November 21, 2015 (modified November 21, 2015 | 16:41)

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