After a bad example in Australia (the NBN debacle), good ones in New-Zealand (Chorus and Spark) and Czech Republic (CETIN, PPF), a formal one in Denmark (TDC NET and Nuuday still in the TDC Holding structure - waiting for Nuuday to be offloaded) and nearly one in the UK (Openreach still in full BT ownership), structural separation may now happen in Italy. Ireland (eir, NBP, SIRO) also looks like a candidate (esp. now that Virgin Media Ireland is becoming a SIRO customer).
Here is what is going on at TIM:
- 21 Nov. 2021: KKR considers a friendly offer of 0.505 EUR/share (equity valuation EUR 10.8b). Net debt was EUR 22.5b.
- 7 and 17 Dec. 2021: Management changes.
- 15 Dec. 2021: Profit warning.
- 26 Jan. 2022: Industrial Plan draft.
- 14 Feb. 2022: Industrial Plan update.
- 2 Mar. 2022: Q4 results and Industrial Plan 2022-2024 (NetCo and ServCo). CVC and Iliad have shown interest in buying a stake in ServCo.
- 4 May 2022: Q1 results, plans Capital Markets Day 7 July.
- 29 May 2022: NetCo (incl. FiberCop) spin-off and Open Fiber merger proposal; NetCo valuation EUR 20b (rumor); CDP Equity to own 70-77%, KKR 12-15%, Macquarie 10-13% (rumor).
- 1 June 2022: Vivendi (24%) objects to valuation (current market cap EUR 5.9b, net debt EUR 17.7b).
- 7 June 2022: 1,200 job cuts by Nov. 2022.
- 20 June 2022: Vivendi demands NetCo valuation of EUR 31b, to take on EUR 10b debt
TO BE UPDATED
Posts
No comments:
Post a Comment