Cdp accelerates on Tim, the board of directors convened tomorrow for the offer on the network

Cdp accelerates on the Tim network. After the cold came with the American fund Kkr offering about 18 billion, the Cassa – which the government would have seen well at its side in the role of public shareholder – has convened an extraordinary board of directors for tomorrow with the aim of presenting an offer to Tim before the markets open on Monday.

An offer that will have to be studied in detail to overcome the Antitrust obstacle since Cdp also has 60% of Tim’s main competitor on the network, namely Open Fiber.

According to the figures circulated in recent days, CDP’s economic proposal would not go much beyond Kkr and Tim’s board would find itself choosing between the offer from the US fund, already judged low (the board evaluates the network at about 40% in more but from the Americans they expect a raise of no more than 10%) as well as full of conditions deemed inadmissible, and that of CDP, similar but accompanied by heavy regulatory risks. Without forgetting that the French shareholder Vivendi values ​​the network at 31 billion and with its 24% of the capital it can block the extraordinary shareholders’ meeting.

Not for nothing, a few days ago, the CEO of Cdp Equity, Francesco Mele recalled how it was not easy to present an offer for the Tim network: «There are industrial, legal and competitive implications that must be carefully evaluated. Then there is a political plan which indicates the desire to create a national network under public control which can be done in many ways and not necessarily with us».