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    TIT   IT0003497168

TELECOM ITALIA S.P.A.

(TIT)
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Italy's PD party pledges active government role over Telecom Italia, unions say

11/29/2021 | 09:44am EST

* Gubitosi quit as CEO , TIM Brasil head named general manager

* Unions worried about future of 42,500 Italy workers

* New leadership set up precarious - sources

MILAN, Nov 29 (Reuters) - Italy's ruling Democratic Party (PD) has pledged to actively involve the government in deciding the future of Telecom Italia (TIM), the country's biggest phone group which just lost its fourth chief executive in six years, unions said on Monday.

Luigi Gubitosi stepped down as CEO of the former state monopoly on Friday following a clash with top investor Vivendi , just a week after U.S. fund KKR submitted a 10.8 billion euro ($12 billion) proposal to take TIM private.

During his three-year tenure, Gubitosi secured union backing for a plan to create a single ultra-fast broadband network in Italy as the best way to protect 42,500 domestic jobs.

But the project has run aground under Prime Minister Mario Draghi, with Innovation Minister Vittorio Colao, a former Vodafone executive, favouring a competitive approach.

"Despite it being considered strategic infrastructure...no government has ever taken a brave and clear position on the network," the UILCOM union said in a statement following a meeting between union representatives and leaders of PD, a key member of the governing coalition.

"We need politics to step in and place the network under state control...we're glad that (PD leader Enrico) Letta told us the government cannot be a spectator this time round, but a leading actor," it added.

Crippled by a debt pile that successive post-privatisation takeovers have lifted to four times its core profit, TIM cannot shoulder the investments needed to upgrade its network and meet surging connectivity demand.

PD sources told Reuters the party would push for the government to take a stand on TIM's network, which serves millions of Italian households and businesses.

The company has appointed head of TIM Brasil, Pietro Labriola, as general manager, placing oversight of the group's strategic assets in the hands of Chairman Salvatore Rossi and setting up a special committee to study the KKR bid.

Gubitosi remains a board member, and two sources close to the matter said the new leadership arrangement was precarious.

KKR, which already has a stake in TIM's last-mile network, plans to carve out TIM's grid if its bid is successful, sources have said, giving state investor CDP a key role in overseeing it.

The government has welcomed the fund's interest, but said its stance hinges on plans to secure the investment needed in TIM's grid and protect employment. ($1 = 0.8861 euros) (Additional reporting and writing by Valentina Za; Editing by Kirsten Donovan)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
TELECOM ITALIA S.P.A. -3.20% 0.4232 Delayed Quote.0.69%
TIM S.A. -1.78% 12.71 Delayed Quote.-1.60%
VIVENDI SE -1.37% 11.845 Real-time Quote.1.01%
VODAFONE GROUP PLC 2.42% 121.76 Delayed Quote.5.90%
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Financials
Sales 2021 15 581 M 17 644 M 17 644 M
Net income 2021 302 M 342 M 342 M
Net Debt 2021 20 617 M 23 346 M 23 346 M
P/E ratio 2021 36,5x
Yield 2021 2,42%
Capitalization 8 886 M 10 069 M 10 063 M
EV / Sales 2021 1,89x
EV / Sales 2022 1,92x
Nbr of Employees 52 177
Free-Float 75,6%
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Mean consensus HOLD
Number of Analysts 22
Last Close Price 0,42 €
Average target price 0,44 €
Spread / Average Target 4,11%
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Managers and Directors
Pietro Labriola General Manager
Giovanni Ronca Chief Financial Officer
Salvatore Rossi Chairman
Michele Gamberini Chief Technology & Information Officer
Stefano Siragusa Chief Revenue, Information & Media Office
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