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By Elvira Pollina<\/strong>
MILAN: Shares in Telecom Italia<\/a> (TIM<\/a>) recovered from record lows on Monday as the head of Italy's biggest phone group met investors to convince them of the merits of his plans to revive the former phone monopoly.
The TIM roadshow comes ahead of a decision expected shortly from TIM on a 10.8 billion euro ($11.7 billion) takeover proposal which U.S. fund KKR made in November.
A board meeting to draw up a response to the KKR proposal could be held next weekend once TIM's advisers complete their analysis to compare TIM's planned in-house revamp with KKR's plan, two sources said.
After losing some 30% of their value in the last two sessions of last week, TIM shares initially tumbled by another 10% to 0.22 euros on Monday, touching fresh record lows.
However, after a recovery, the stock was up over 4% in late morning trade in Milan against a 2% fall in Italy's blue chip index The shares remain way below the 0.505 euro level at which the KKR approach was pitched.
Backed by Telecom Italia's leading investor Vivendi, which billed KKR's proposal as too low, CEO Pietro Labriola's plan is centred around the structural separation of TIM's fixed network business from its retail operations.
Last week Labriola said that KKR's plan for TIM was similar but added he was convinced doing it internally could generate more value for investors, including minority shareholders.
However, a third source said some of Telecom Italia's board of directors have reservations about ditching KKR's proposal without exploring talks with the fund.
Labriola is holding face-to-face meetings with investors in Milan and would also give a series of teleconference briefings between now and Wednesday, the sources said.
Don't Panic
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In a video message to the group's 42,500 domestic staff over the weekend, Labriola, a veteran TIM executive who in January became TIM's fifth CEO in six years, urged them not to panic.
Labriola called on TIM's employees to focus on serving customers and take pride in TIM's role as Italy's main telecoms operator, and said a negative market reaction was no surprise given the company's results.
Hit by stiff competition in its core domestic market as well as regulatory constraints, debt-laden TIM reported a record loss last year and said it expected a low-teens decrease in its 2022 core profit, based on the current group structure..
Labriola said last week he was convinced his plan to hive off TIM's fixed network assets from retail operations would give the group more leeway to unlock TIM's real value.
Under the planned overhaul, details of which would be fleshed out by June, TIM would create two separate entities, dubbed NetCo and ServCo, developing different business models, with the former focusing on wholesale-only network operations.
Such a set up could ease M&A deals, including a mooted combination of TIM's infrastructure assets with those of state backed fiber optic firm Open Fiber, a move advocated by TIM's second-largest investor CDP.
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由埃尔韦拉Pollina说道
米兰:股票意大利电信(蒂姆周一)从历史低点的意大利最大的手机集团投资者会面,让他们相信他的计划的优点来恢复前电话垄断。
TIM路演之前决定预期不久来自蒂姆在108亿欧元(合117亿美元)的收购提议,美国基金KKR在11月。
董事会制定应对KKR提议可能下周末举行一次蒂姆的顾问完成他们的分析比较与KKR蒂姆的内部改革计划的计划,两个来源说。
失利后大约30%的价值在上周最后两个交易日,蒂姆最初股票周一下跌10%,至0.22欧元,接触新鲜的纪录低位。
然而,复苏后,股票上涨了4%以上在早盘在米兰对阵意大利的蓝筹股指数下降2%股价仍远低于0.505欧元水平KKR的定位方法。
由意大利电信的主要投资者威望迪,KKR的提议称为太低,首席执行官皮特Labriola的计划是围绕结构分离蒂姆的固网业务从零售业务。
Labriola上周表示,KKR的计划蒂姆相似但内部补充说,他相信这样做可以为投资者创造更多的价值,包括少数股东。
然而,第三个来源说意大利电信的一些董事会保留意见放弃没有探索与该基金KKR的提议。
Labriola与投资者在米兰举行面对面的会议,也将给一系列的电话会议简报从现在到周三,消息人士说。
不要惊慌
42500年视频信息集团的国内员工周末,Labriola,蒂姆资深高管1月份成为蒂姆的第五位首席执行官六年,敦促他们不要恐慌。
Labriola呼吁蒂姆的员工专注于服务客户和自豪在蒂姆的作为意大利的主要电信运营商,并说负面的市场反应并不令人意外,鉴于公司的结果。
受到在其核心的国内市场的激烈竞争以及监管约束,负债累累的蒂姆去年公布创纪录的亏损,预计降低略高于2022年的核心利润,基于当前群体结构. .
Labriola上周表示,他相信他的计划分出蒂姆的固定网络资产从零售业务会给该集团有更多的回旋余地来解开蒂姆的实际价值。
下改革计划,这将是充实的细节在6月,蒂姆会创建两个独立的实体,被称为NetCo ServCo,开发不同的业务模型,前者关注wholesale-only网络运营。
这样的设置可以减轻并购交易,包括提出蒂姆的基础设施资产的组合与国家支持光纤公司开放的纤维,这一举动所倡导的CDP蒂姆的第二大投资者。
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