Whether looking to make Niel, founder of Free (personal capacity shareholder of World ), Italy? The question agitated all the Parisian business community since the announcement, Thursday, October 29, taking its potential participation of 11.2% in Telecom Italia, increased to 15.1% Friday morning. If these options materialize, Mr Niel could disburse 2.2 billion euros from his own pocket, investment staff and not being on Iliad, the parent company of Free.
The information disclosed by Bloomberg before being confirmed by Consob, the Italian securities regulator, is surprising. So far, the Peninsula former state monopoly was the playground of another French billionaire Vincent Bollore. Vivendi, the media and entertainment giant, whose business man Breton is the largest shareholder, had entered the capital of Telecom Italia in favor of the sale in September 2014 of the Brazilian operator GVT Telefonica.
At the time, the Spanish company was indirectly the largest shareholder of the Italian group. The French conglomerate is then gradually mounted to capital, to announce in October, holding 20.3%. Together, Messrs. Niel and Bolloré would own just over 35% of Telecom Italia’s capital.
By inviting the party, Mr. Niel engages in a mano a mano with one of the companies powerful and richest of the Hexagon in communication: Vivendi has a war chest of € 9 billion, accumulated through the sale in recent years of several assets (GVT, Morocco Telecom, SFR and Activision).
“It is losing its latin”
If the water ex-General’s increased stake in Telecom Italia, it is because it is guided by faith in the convergence between telecommunications and media sector around which the group is now focused, with assets such as Canal + and Universal Music. However, Vivendi would not want to cross the threshold of 25% and launch a tender offer (OPA) on a group worth some 20 billion euros.
In the media group, “we do not comment,” the sudden arrival of the troublemaker of French telecom in Italian affairs. But MM. Niel and Bolloré know. They even would maintain a good but distant relationship, according to some of their relatives. The first bought a second house in the Villa Montmorency, upscale enclave of 16 th district of Paris. Furthermore, Antoine Bernheim, long mentor Vincent Bolloré (and his guide in Italy, where he led Generali), Mr Niel also took under his wing at the end of his life.
However, Vivendi and observers can only speculate about the intentions of Mr. Niel. Simple opportunistic financial investment, motivated by the prospects of rapprochement between Telecom Italia and another player in the sector? Or attempted takeover? “It’s there to lose his Latin” , sighs a French boss, good connoisseur of telecom circles.
Another actor could take turns
In any event, Vivendi and for others it seems hard to believe, given the amount that this investment, made in a personal capacity, or a simple financial hit, as suggested by some. The conglomerate and observers rather wonder about the possibility of the existence of a shadow partner.
In fact, Mr. Niel has no a priori the financial area to take sole control of the Italian group. In addition, he is known for his aversion to debt, unlike a Patrick Drahi. According to the Italian press, another actor might be lurking in the shadows and wait his turn. The name of Naguib Sawiris, the Egyptian businessman and former head of the Wind operator, is quoted particularly
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The former state monopoly of the Peninsula is a prey of choice. While the operator is indebted, with a debt to EBITDA to operating 3 (Orange, for example, is 2.5 and should soon pass 2). But it is well positioned in the Italian market to take advantage of future stabilization and even higher prices ahead. Wind and Tre, the third and fourth operators in the country, just waiting for the green light from the European Commission to merge. An operation which should, according to financial analysts, to create value for all stakeholders.
Object of desire
Furthermore, unlike France with Numericable-SFR, Italy does not have a strong player on the cable. Telecom Italia can therefore deploy fiber without fear competition from an operator already has a very fixed broadband infrastructure.
This situation could allow Mr. Niel apply in this country he does best: the “quadruple play” these deals that keep customers, by offering both Internet, television, fixed but also mobile phone. Packages that are not yet widespread in the Peninsula
Another advantage of weight Telecom Italia. TIM Brazil, its subsidiary in the biggest Latin American countries. “There is something to do with this asset, says one observer. can either restructure or sell it. In all cases, it is possible to create value. “
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Finally, no party in the presence knows that Telecom Italia is today object of desire on the part of European telecom giants. Orange, Deutsche Telecom and Telefonica have even indicated at one point or another, they were interested. They take control or they just put their money, MM. Bolloré and Niel would gain on disposal of the operator to a competitor
Read also:. Europe at the heart of a large telecom Monopoly
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