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    TIT   IT0003497168

TELECOM ITALIA S.P.A.

(TIT)
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Delayed Borsa Italiana  -  11:36:53 2023-01-31 am EST
0.2639 EUR   -0.75%
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Italy seeks fresh options for TIM as bid for network seen fading

11/28/2022 | 12:18pm EST

MILAN/ROME, Nov 28 (Reuters) -

Italy's new government will probably need to seek fresh options for ailing former phone monopoly Telecom Italia , as a planned bid for its landline grid by state lender CDP appears increasingly unlikely.

Championed by the previous government of Mario Draghi, the multi-billion-euro bid is part of a broader project to combine TIM's network assets with those of smaller rival Open Fiber to create a unified broadband champion under CDP's control.

Due by this Wednesday, Nov. 30, an offer would also be central to TIM CEO Pietro Labriola's plan to break up the struggling phone group to cut its 25 billion euro ($26 billion) debt.

But Italian Prime Minister Giorgia Meloni favours putting CDP's bid on hold, a government source told Reuters on Monday.

Three separate sources had previously said CDP was unlikely to meet Wednesday's deadline, with a fourth source saying CDP had not scheduled a board meeting yet to approve an offer.

Meloni's office and the Treasury did not immediately respond to requests for comment.

Marking a break with the past, Meloni on Friday entrusted the government's broadband strategy to cabinet undersecretary Alessio Butti, who has openly criticised CDP's plans for TIM.

Butti has called instead on Treasury-owned CDP to take over cash-bleeding TIM in full to then sell its service operations, including its Brazil-listed unit.

Economy Minister Giancarlo Giorgetti last week said Butti's plans required extensive discussions within the government, which had "several options" to secure control of TIM's network.

Analysts say coming up with a new plan to combine TIM and Open Fiber would require at least a year, leaving TIM's fate in doubt at a time when rising rates increase the drain on the group's cash flow from interest payments.

"The timing to find a path starts to narrow considering that TIM's available liquidity covers debt maturities until mid-2024 and debt refinancing looks tougher than in the past." Intesa Sanpaolo wrote in a research note.

($1 = 0.9549 euros) (Reporting by Elvira Pollina and Giuseppe Fonte; writing by Valentina Za; Editing by Keith Weir)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 0.14% 5.523 Delayed Quote.-2.00%
INTESA SANPAOLO S.P.A. 2.82% 2.41 Delayed Quote.15.98%
TELECOM ITALIA S.P.A. -0.75% 0.2639 Delayed Quote.22.01%
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Analyst Recommendations on TELECOM ITALIA S.P.A.
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Financials
Sales 2022 15 753 M 17 110 M 17 110 M
Net income 2022 -1 622 M -1 761 M -1 761 M
Net Debt 2022 23 719 M 25 762 M 25 762 M
P/E ratio 2022 -2,79x
Yield 2022 0,63%
Capitalization 5 558 M 6 037 M 6 037 M
EV / Sales 2022 1,86x
EV / Sales 2023 1,84x
Nbr of Employees 51 887
Free-Float 74,7%
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Technical analysis trends TELECOM ITALIA S.P.A.
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Mean consensus HOLD
Number of Analysts 19
Last Close Price 0,26 €
Average target price 0,30 €
Spread / Average Target 12,6%
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Managers and Directors
Pietro Labriola Chief Executive Officer & Director
Adrißn Calaza Chief Financial Officer
Salvatore Rossi Chairman
Stefano Siragusa Chief Revenue, Information & Media Office
Herculano AnÝbal Alves Chief Technology Officer
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