Telecom Italy, timing depends on network unbundling authority

The evaluations on the timing relating to the unbundling of Telecom Italy will be made with the competent bodies, "whether the authority, whether they are government bodies that the CDP," said the CEO of Telecom Italy, Marco Patuano asked to sidelines of the Bank of Italy.

There is also the CEO of CDP, Giovanni Gorno Tempini, which was limited to comment: "was made a major step forward." Yesterday, the Board of Directors of Telecom Italy has approved the spin-off of the access network that will be transferred to a new company ad hoc (OPAC) and was confirmed authorized the management to continue negotiations for a possible entry of Cdp a shareholder of the new company .

Analysts Intermonte (speculative buy and a target price of € 0.75) have a positive opening of the formal process that should lead to the separation of the network and a deal with CDP even if the operation is still conditioning the analysis of AGCOM The Authority of Communications. In the coming months, in fact, Telecom Italy will negotiate with the regulatory authority and the perimeter of the new company, according to the latest hypothesis, is expected to post a turnover of around € 4 billion and an EBITDA of approximately $ 2 billion.

While not convinced of the benefits industrial operation (more flexibility for Telecom but also for competitors), analysts at Equita (buy and target price of 0.75 Euros) see some opportunistic reasons: first is preserved the Italian network , plus the assumption falls for which it was founded Telco whose covenant has a window out next September.

In the medium term Telecom may, therefore, be involved in other corporate operations. The operation on the neutral network was defined by the rating agencies but the injection of equity by CDP would provide greater financial flexibility. Instead, the discussion on the assumption of the merger between Telecom Italiae 3 Italy will take place in the next board of directors, as pointed out today Patuano. In the board's June 5th we will discuss then this other operation.

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