(Alliance News) - The conversion of Telecom Italia's savings shares is shaping up to be a lucrative deal for many investors.
As Milano Finanza reported on Thursday, following the green light from the shareholders' meeting, the voluntary subscription period will begin in the coming weeks: for each RNC tendered, investors will receive one ordinary share and EUR0.12 in cash, compared to just EUR0.04 offered in the mandatory conversion. This incentive is expected to particularly attract institutional investors.
At the special meeting of savings shareholders, with 50.8% of the capital present, the approval was nearly unanimous. Since the announcement of the operation, both ordinary shares and RNCs have risen by 15% and 19% respectively, returning to levels not seen since 2018.
The biggest beneficiary is Davide Leone of DL&Partners, who controls about 12% of the RNCs: he will receive approximately EUR88 million in cash and over 736 million ordinary shares, equal to about 3% of the post-conversion capital, with a value close to EUR430 million. Following are Norges Bank, with EUR37 million in cash and shares worth over EUR180 million, and Vanguard, with EUR30 million in cash and securities worth around EUR148 million. Also in the top five are Syquant Capital and Verition Fund Management.
Among long-term holders is Poste Italiane, the largest shareholder of TIM, which will receive EUR12.7 million in cash and a package of ordinary shares worth over EUR60 million, thus reducing the dilutive effect. Other major names further down the list—from Crédit Industriel et Commercial to Royal Bank of Canada, AXA, Azimut, Mediolanum, Generali, and Mediobanca—are expected to benefit between EUR20 million and EUR50 million.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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