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Something moves in the house Telecom Italy. The president of Cassa Depositi e Prestiti, Giovanni Gorno Tempini, will join the board of directors of the former monopolist, of which CDP owns about 10 percent. In this way, with the renewal of the board of directors planned with the 2020 budget, the financial arm of the state will finally be represented within the Council of the telephone company at the request in recent days by the president of the Supervisory Commission of Cassa Depositi e Prestiti, Sestino Giacomoni (Fi) and by the deputy Stefano Fassina (Leu).
In the market, some investors have read the news as an important step forward in creating the unique network company that should emerge from the merger between the Telecom subsidiary. FiberCop, e Open fiber, in which Cdp and theAt. At this point, the group led by Fabrizio Palermo will have to decide whether to exercise the right of option on the participation (50%) of Open Fiber put up for sale by Enel and for which the company led by Francesco Starace you have already received an offer to buy from the Australian fund Macquarie. Until now, Cdp has taken time, but the preferential purchase right on Enel’s share expires on Thursday, February 25. And it is not excluded that the negotiation may also affect only a part of the participation that does not exceed 10 percent.
Certainly, Telecom shareholders, including the French of Livendi, we fully intend to endeavor to make the marriage between FiberCop and Open Fiber take place as soon as possible. And the confirmation also comes from the fact that, unanimously, the board submitted a list of ten names for the renewal of the board. Among these, in addition to the ad Luigi gubitosi and the president Salvatore rossieven the french Franck cadoretea Arnaud de Puyfontaine, expression of the shareholder Vivendi, who is also a shareholder of Mediaset. Furthermore, everyone’s interest is to strengthen Telecom by avoiding duplication of investments in the construction of the new generation network, which is essential for the relaunch of the country. The problem, however, is that Telecom would like 51% of the network company to include both FiberCop and Open Fiber. At the risk of recreating a dominant position in the market to the detriment of other operators.
While waiting for the single network project to take off, the Telecom board approved the new one. 2021-2023 strategic plan. The 2020-2022 project guidelines have been confirmed and the financial targets have been improved. In addition, the city council confirmed the distribution policy of dividends equal to one cent for ordinary shares and € 2.75 for savings shares. However, in the period in question, the board acknowledged that revenues are expected to remain generally stable or grow slightly despite the former monopolist’s efforts to acquire new clients with the development of broadband. “FiberCop is coming to 76% of real estate units in gray and black areas for 2025 (56% of technical real estate units nationwide). At the same time FTTC networks (fiber to the closet, fiber to the street closet) will reach 93% of households with an active telephone line by 2023 (91% already today) to which is added the coverage with mobile, FWA and satellite technology – explains a note from the group -. The first three regions for which the digital divide will be “closed” are, after Puglia (completed in 2020), the Friuli-Venezia Giulia ewithin the first quarter of 2021 and Lombardy thereafter ”. In the mobile segment, Telecom has announced its national 5G coverage target for 2025.
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