|Bid||0.4820 x 0|
|Ask||0.4823 x 0|
|Day's Range||0.4819 - 0.4880|
|52 Week Range||0.4330 - 0.6696|
|Beta (3Y Monthly)||1.13|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 1, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||0.69|
Telecom Italia has opened formal talks with the owners of Open Fiber about “possible forms of integration” of the two networks. The Italian company said it has signed a non-disclosure agreement with state lender Cassa Depositi e Prestiti and energy company Enel, which own Open Fiber — the operator of a rival broadband network — to formally explore a deal. A deal to combine the two networks has been at the heart of a long dispute between Telecom Italia’s two largest shareholders over the past year with Elliott, the US hedge fund, and Vivendi, the French telecoms and media company, engaged in a bitter battle over the company’s strategy.
(Bloomberg) -- Elliott Management Corp. is preparing to compromise with Vivendi SA on board representation at Telecom Italia SpA to end their battle for influence over the indebted phone carrier, people familiar with the matter said.The agreement between two of Telecom Italia’s biggest shareholders will come with a pledge to pursue a common strategy, said the people, who asked not to be named as the plans are not public. The board changes are slated to be discussed by Telecom Italia’s directors later this month, they said.Telecom Italia shares were briefly suspended from trading after rising as much as 5.6%, their biggest intraday gain in four months. The stock was up 2% as of 3:54 p.m. in Milan.Details of the agreement have not been finalized and could still change, the people said.“We do not wish to comment apart from advising extreme caution on any such rumors,” Vivendi said in a statement. Representatives of Elliott and Telecom Italia declined to comment.Elliott’s allies wrested control of the board from top shareholder Vivendi in May last year and in November they forced out the company’s CEO, a Vivendi appointee. The French media company spent the following months publicly attacking Paul Singer’s New York-based activist fund in an attempt to regain control.Elliott hit back by criticizing Vivendi’s governance record and Vivendi backed down in late March when it became clear it lacked support for another boardroom coup.Since then, the two have sought privately to align around a common approach and turn the uneasy truce into a lasting peace, said a person familiar with the matter.Depressed SharesTen out of Telecom Italia’s 15 board directors are aligned with Elliott and the rest with Vivendi. Elliott wants to maintain its overall influence on the board, the person said.There is no clear answer to Telecom Italia’s problems. Competitive threats to both its legacy fixed-line network and wireless business are undermining the profits it needs to service one of the European industry’s biggest debt loads. The Milan-based carrier’s shares, which haven’t paid a regular dividend for the past six years, tumbled to a record intraday low in January.The biggest strategic flashpoint has been Elliott’s call for a full spinoff of the landline network to help pay down debt, an idea that Vivendi resisted. Chief Executive Officer Luigi Gubitosi has focused for now on cutting costs and doing deals to share the burden of new network spending, and results in May showed those efforts were starting to pay off.The CEO has pushed for some form of tie-up with fixed-line rival Open Fiber SpA to shore up the landline business. Any combination or spinoff of the landline business is fraught with regulatory and political risks.(Adds Vivendi response in fifth paragraph.)\--With assistance from Tommaso Ebhardt and Daniele Lepido.To contact the reporters on this story: Angelina Rascouet in Paris at firstname.lastname@example.org;Scott Deveau in New York at email@example.comTo contact the editors responsible for this story: Rebecca Penty at firstname.lastname@example.org, Thomas Pfeiffer, Ben ScentFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Rating Action: Moody's assigns definitive ratings to CMBS notes issued by ERNA S.R.L. Global Credit Research- 04 Jun 2019. EUR 300 million of CMBS rated.
Telecom Italia (TIM) should seek a way to keep control of its fixed-line network if it is merged with smaller infrastructure provider Open Fiber, the former phone monopoly's chief executive said on Tuesday. Italy has been pushing for the creation of a single ultrafast broadband operator through a merger of TIM's network with Open Fiber to avoid duplicating investments. The future of TIM's network has been a bone of contention among the group's biggest investors.
European shares edged higher on Tuesday after the United States temporarily eased restrictions on China's Huawei, easing trade tensions and lifting tariff-sensitive tech and auto stocks, while the banking sector also gained. The pan-European STOXX 600 index was up 0.4% by 0745 GMT, with the trade-sensitive DAX outperforming after the U.S. Commerce Department said it would allow Huawei Technologies to purchase American-made goods. Auto stocks were around 0.4 percent higher, with Daimler giving an additional boost after German newspaper Handelsblatt reported the company was looking to cut administration costs by 20%.
MILAN (Reuters) - Italy's biggest phone group Telecom Italia (TIM) reported a drop in first-quarter core earnings on Monday as stiffer competition in its main market hit domestic revenues TIM said its ...
A deal to merge Vodafone's tower infrastructure in Italy into INWIT, the mast group 60 percent owned by Telecom Italia (TIM), will be signed by the summer, INWIT's Chief Executive Giovanni Ferigo said on Wednesday. The deal is part of a three-year strategy plan ironed out earlier this year by TIM CEO Luigi Gubitosi aimed at reviving Italy’s biggest phone group which is saddled with more than 25 billion euros ($28.34 billion) of debt.
Telecom Italia would be happy to share the cost of securing 5G frequencies with other operators such as France's Iliad in addition to Vodafone, the chief executive of the Italian telecoms incumbent said. 5G frequencies were very expensive ... so it's important to share costs," CEO Luigi Gubitosi said.
FLORENCE, Italy (Reuters) - Merging broadband infrastructure group Open Fiber with the networks of Telecom Italia (TIM) would be positive, TIM's chief executive said on Wednesday. TIM and Open Fiber have ...
Rating Action: Moody's assigns provisional ratings to notes to be issued by ERNA S.R.L. Global Credit Research- 09 May 2019. Approximately EUR 300 million of CMBS rated.
** 3M Co said it would buy privately held medical device maker Acelity Inc in a deal valued at $6.7 billion, including debt, as the U.S. industrial conglomerate looks to expand its business in medical dressings and related products. ** Australian property developer Villa World received a sweetened takeover offer from AVID Property Group Australia Pty, which now values the company at A$293.5 million($205.9 million). ** Australian retail conglomerate Wesfarmers Ltd offered A$776 million ($544 million) to buy lithium miner Kidman Resources Ltd, its second bid in two months to deepen its exposure to high-tech minerals.
MILAN (Reuters) - Italy's antitrust regulator said on Monday it had extended a probe into alleged market abuse by Telecom Italia over fiber optic rollout and wholesale pricing to Sept. 30. The competition ...
MILAN (Reuters) - Italian phone group Telecom Italia (TIM) has asked watchdog AGCOM to postpone its review of a plan to spin off its fixed-line network because the scheme will be modified, a source close ...
Brazilian wireless carrier TIM Participacoes has named Pietro Labriola as its new chief executive, the company said in an exchange filing on Wednesday. The Italian executive will also occupy a board seat ...
Facing defeat in its attempt to change Telecom Italia's board, top shareholder Vivendi took a first step on Friday towards ending a bitter dispute with a U.S. fund that has hobbled Italy's biggest phone group over the past year. Vivendi and activist fund Elliott have been trading blows over how to revive Telecom Italia (TIM), a telecoms heavyweight saddled with more than 25 billion euros ($28 billion) of debt. Vivendi had been seeking to replace TIM Chairman Fulvio Conti and four other Elliott-appointed directors at a shareholder meeting on Friday, citing "substantial lack of independence".
ROZZANO, Italy (Reuters) - Telecom Italia shareholders on Friday approved top investor Vivendi's offer to withdraw a request to replace some board directors at the Italian phone group. Vivendi held out ...
Italy is pushing to create a single ultrafast broadband operator by merging Telecom Italia's copper and fibre network with smaller rival Open Fibre to avoid duplicating investments and narrow the digital divide with Europe. Elliott wants TIM to spin off its network and merge it with Open Fibre. Vivendi is not opposed to a merger but insists on TIM keeping control of its biggest asset.
Italy is pushing to create a single ultrafast broadband operator by merging Telecom Italia's copper and fiber network with smaller rival Open Fiber to avoid duplicating investments and narrow the digital divide with Europe. Elliott wants TIM to spin off its network and merge it with Open Fiber. Vivendi is not opposed to a merger but insists on TIM keeping control of its biggest asset.