Rete Tim, because CDP’s offer warms up the market but not Vivendi

Rete Tim, because CDP’s offer warms up the market but not Vivendi

Has the mountain given birth to the proverbial little mouse? With the offer delivered over the weekend by Cassa Depositi e Prestiti to Tim a circle is closed for the acquisition of the network. And now a big problem opens up for the company. No need to go around it: if Kkr’s offer was considered unattractive by the French of Vivendi, it’s easy to think that even this one doesn’t leave the French very satisfied. The board of directors di Tim will meet on March 15 and at the moment no other meetings are planned. Translated: there’s no hurry, let the dust settle before making any decisions.

The former Telecom had already asked the Americans of Kkr to improve their offer, above all because the enhancement of FiberCop, i.e. the secondary network that reaches the houses from the “cabinets” on the street. The criticism is simple: in that asset the Americans already own 37.5%, while Tim is the major shareholder and Fastweb has a marginal share. The higher the valuation of FiberCop, the lower the cash that is paid to Tim. However, the Americans recall that two years ago the participation was paid for 1.8 billion and that since then investments have been made that justify the valuation.

But the real problem is the French of Vivendi. Accredited sources refer to Business some irritation of the company which owns 24% of Tim. A decidedly better offer was expected from CDP – however this was perceived by the market as the stock closed up more than 3%. But, as far as we know, there was no similar sensation in France. First of all because, around Paris, they are convinced that massacre is being played out: the Serco, that is, the company without the network would be worth 15 billion including Brazil, but would find itself burdened by a mountain of debt that it could no longer repay because it would have lost one of its most interesting assets. In short, according to Business, Vivendi doesn’t even think about it.

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