Telecom Italy from Spain to France. Bollorè rises to 8.3%: “Members … – The Republic

Telecom Italy from Spain to France. Bollorè rises to 8.3%: "Members … – The Republic

Signed a definitive agreement with Telefonica for the sale of the Brazilian branch Gvt the Spanish group. The financier Breton: “I’m always happy to invest in this great country that is Italy.” The dream of the media company

GIULIANO Balestreri

MILAN – From Spain to France Telecom Italy is always in the spotlight of Piazza Affari (follow the title Live) and insiders. Even more so after Vivendi announced that the sale of its Brazilian subsidiary Telefonica Gvt to get 5.7% of the Italian group with 8.3% of the voting rights.

Keep up the obstacle course that the former monopolist from the privatization of 1997 is not quite. From the brave captains of Italian capitalism, before Roberto Colaninno, then Marco Tronchetti Provera, to foreign capital. Just like at home Alitalia, also the company’s Piazza Affari has long been accustomed to waltz, but this time they dance on the peaks of the Pyrenees: the new strong partner will not speak much Spanish, but French. And if Telefonica arrived in 2007 was primarily interested in the Brazilian assets which, however, the have created more pain than pleasure, Vivendi particularly interested in the network: the crown jewel of Telecom.

The Adventure of the Spaniards was began in 2007 with the handover of the reference height of Italian society from Olympia (Pirelli) in Telco, the box that holds 22.4% of the shares of Telecom. The group is preparing itself to become more and more a public company with shareholders according to Marco Fossati (5% of the capital) behind Vivendi. In the coming months, in fact, they should get out of the historical partners Mediobanca (1.64% of the capital), Generali (4.32%) and Intesa Sanpaolo (1.64%).

I rather doubt regarding the intentions of Bolloré is at the head of a media company and if in France giving the phone activities, in Italy might be thinking right at the distrubution of premium content – from movies to music – through the Telecom broadband. The financier has initiated contact with the Berlusconi family to assess an investment – through Canal Plus – Mediaset Premium after the same Telefonica has detected 11%.

Telecom Italy, on the other hand, after selling LA7 work is focusing on content distribution. This is demonstrated by the agreement – not exclusive – with Sky from January the signal of Rupert Murdoch’s pay TV as well as by the dish also comes from the fiber optic Telecom.

In detail, the agreement provides that the French group chaired by Vincent Bolloré get € 4.66 billion of cash from which to deduce a bank debt of 450 million, 7.4% of the capital Telefonica Brasil, whose stock market value is 2.02 billion as of Sept. 18 and “5.7% of Telecom Italy, whose market value is 1.01 billion as of September 18″, as indicated by the statement issued by Vivendi. “I’m always happy to invest in this great country that is Italy and very happy to accompany in the long term the team of Telecom Italy,” he told Thomson Financial Bollorè the same. The financier Breton is also the second largest shareholder of Mediobanca, with 7.45% (and permission to go up to 8%) and is present in the capital of Generali.

The press release states that the group transalpine “The finalization of the agreement should take place before the end of the first half of 2015″. As part of the agreement with Telefonica on Gvt, the francesei must then pay tax on the capital gain and taxes estimated at around 500 million euro. The final agreement is also subject to certain conditions, in particular approvaizone of the supervisory authorities, in particular the Anatel (telecommunications) and Cade (competition) in Brazil.

Telefonica had presented its bid on Gvt on 4 August and then had the relaunched 28, simultaneously with the submission of a competing proposal by Telecom Italy. The board of Vivendi had opted August 29 for the start of exclusive negotiations with Telefonica. As was indicated at the time, the offer of Telefonica gave Gvt an enterprise value of 7.45 billion and included, in addition to the cash payment of 4.66 billion, the payment in part in securities of Telefonica Brasil (12% stake), “one-third of which could be mistaken – on choice of Vivendi – with a share of 5.7% of the share capital and 8.3% of the voting rights of Telecom Italy.”