CDP offers 15 billion for Tim. Blitz of the men of Draghi, rude to Meloni – Il Tempo

Luigi Bisignani

Dear manager, bye bye unique network and bye bye Tim. Before even being born, a Draghi boy, Dario Scannapieco, strikes the first blow to Giorgia Meloni’s future government to finally create a unique network. And he puts in a corner the alternative project on the network, so-called «Minerva», which is carrying out Alessio Butti, the tlc man of Fratelli d’Italia. The head of CDP, after months of inconclusive bla bla, in fact suddenly decided to send the offer to Tim, between 6 and 12 October, for a figure that appears ridiculous, around 15 billion, that the French partner Vivendi , no doubt, it will send indignation back to the sender. And the President Salvatore Rossi will find himself in great embarrassment and perhaps he will be convinced, this time, to throw in the towel.

And how Giovanni Gorno Tempinin will behave in his dual role as President of the CDP and as director of Tim, appointed in that post by the ineffable director general of the Treasury Alessandro Rivera who, in all likelihood, is aware of this initiative in «articulo mortis »?

An extraordinary board of directors will be convened in the next few hours but, if only for opportunity and institutional courtesy, the CDP should stop and Scannapieco get rid of the liberal imprint on the dossier that Giavazzi, the sinister Richelieu of Draghi, gave him. Because making that offer defines a wrong value of the Tim network, penalizes a stock already in great disarray and, moreover, risks definitively ruining the company forced to heavy layoffs and with the unions ready to make the barricades.

The conflict between shareholders would explode, in particular between Cdp and Vivendi, and would legitimize others like Kkr to make a counter offer that many accredited voices give around 20 billion in a few days: in short, it would trigger a great chaos on Tim and the single network. Such a strategic choice should be made with a government in full force and, above all, that has had at least the time to adequately evaluate all the alternatives and possible solutions.

Making a wrong offer on value, as was the industrial and strategic plan, above all risks destroying the single network definitively, which should instead be of concern to the government and also to CDP. Once the offer is rejected, it will then be impossible for CDP to go back and set a much higher price. For this reason the single network, of which the country has a great need, risks being sunk by the inability mixed with the delusion of omnipotence of Scannapieco, which in one fell swoop would compromise the feasibility of the single network and a historic company like Tim that , in addition to being strategic for the country, it also has 42 thousand employees plus almost the same number of associated companies who, with the title increasingly suffering, would risk having to start the layoffs for thousands of workers at that point.

Moreover, the fork contained in the offer would undermine the very existence of the company which, with that evaluation of the network, could not contain the volume of debt and the employees it has. Tim will therefore be forced immediately to reject it together with the shareholders, in particular Vivendi, and the market will further penalize the Tim share because the CDP offer, although not binding, will still set a very low value of the main asset of the telephone company. And all this will bring irreversible consequences, from which it will be impossible to go back.

But why is the price offered so low? For a sin of origin because Cdp and Macquarie paid a much higher price for Open Fiber only in June 2021, when they respectively acquired 40% and 10% from Enel at much higher multiples.

Last December, the shareholders approved a new plan of the CEO of Open Fiber Mario Rossetti which was very aggressive, and which had already been rejected, above all due to managerial incapacity. But the difference is that Tim’s plan, which in any case has certainly not been rewarded by the market, is based on real customers, already operating on his network, while Of’s is a book of wishes that Scannapieco insists on defending. This move by Cdp is a real signal of war towards Giorgia Meloni. But Draghi has absolutely nothing to say and therefore agrees or, as usual, does this decision by Cdp also happen without his knowledge? This is the collaboration guaranteed by Super Mario to little Giorgia …

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About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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