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This article was published on November 18, 2015 at 6:39.
A little news in the press of Vivendi Telecom, urged by Consob, no. And that is the media company chaired by Vincent Bolloré has rounded yet its share, albeit slightly, in the space of three weeks. Participation in fact increased from 20.03% reported Oct. 23 to 20.116% statement yesterday: 2,715,000,000 shares held directly and through its direct subsidiary SIG 108 (the company where it was originally parked the share received by Telefonica as part of Payment for Gvt).
For the rest of Vivendi stated that it does not have other long positions or potential holdings, have no savings shares, not to have had contact with Xavier Niel (the patron of that Iliad It has a long position on the 15.1% of Telecom, ed) nor with “other interested parties to take a position with regard to Telecom Italy,” and, finally, they had no contacts “with members of the board of directors of Telecom or with other parties informed of the proposal on the decision of conversion of savings shares before the meeting of the board of directors of Telecom Italy on November 5 that has taken the relevant decision ‘.
There is no mention in the press of the request made Sunday evening, to expand from 13 to 17 the number of members of the board Telecom to make room for four directors expressed by the majority shareholder French. To implement the request and update the agenda of the meeting called on December 15 for the conversion of savings will meet on Friday the council Telecom, via teleconference. But it is, in fact, a mere formality.
What are instead trying to understand all, both funds, both the French partner, if that is 15.1% which insist on derivatives mounted Xavier Niel is in fact sterlizzato in voting rights, or even in free circulation. The Board of Managers of Assogestioni has begun to address the issue, to get to the moment the obvious observation that the move by Vivendi, perfectly legal but outside the listing mechanism, penalizes in fact, diluting the representation of institutional investors in board.
If this finding will follow concrete initiatives is yet to be seen (it was not yet calendarizzata the next meeting of the managers), but if the “protest” would go far as to vote against the enlargement of the board the hypothetical rejection of Vivendi would depend precisely from that 15.1% optioned by Niel.
Yesterday rumors without confirmation, that Niel could propose an alternative to the list of advisers. But it is more likely that any “resistance” to stop the expansion of the board no. Institutional investors, mostly foreign, have arrived at the meeting with a maximum 34%, no 15%, Vivendi, even on its own, would have an absolute majority of those present. Otherwise, the games would still open. It must be said, however, that the Telecom board of directors was appointed again with the old rule of four-fifths of the seats to the majority and the minority, and a fifth with 13 or 17 members in the minority would assegnti always only three places. You will see: some doubts may also be raised on the request for derogation from the obligation not to carry out activities in competition, it’s not clear what it refers to today.
On the corporate front, to signal that Telecom has obtained the go ahead for 500 million EIB funding, under the umbrella of the plan Juncker (investments to boost growth) and the European Investment Fund strategic. This is the highest amount paid so far in favor of a private company in Europe. The use of funds is closely tied to the investment plan for the fixed telephone network of new generation, for Bei, means at least FTTC – fiber to the cabinet, fiber to the cabinet on the sidewalk – you come up with the formula FTTH – fiber to the home, fiber to the house. This, in fact, part of the business plan that foresees 10 billion of investments in the domestic market in the three years to 2017, of which 2.9 billion is for the new generation networks. The signing of the contract is expected by year-end, so they are still to be determined the precise conditions, but will not be required by the EIB no bank guarantee, even in part, although Telecom is rated sub-investment grade. The loan is seven-year floating rate (Euribor plus a spread) and it is expected to allow Telecom savings between a point and a point and a half compared to the cost of funds on the bond market for the same maturity.
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