TIM, De Puyfontaine (Vivendi): network offers under real value

TIM runs on the Stock Exchange with assistance from Fitch

(Finance) – “Le offers presented todayas far as I know, they are far below the real value and of the true value of Telecom Italy“. Said the CEO of Vivendi, Arnaud de Puyfontaine, during a press conference following the publication of the French group’s 2022 accounts. The year closed in the red due to the loss from the deconsolidation of TIM shares, with the deconsolidation following the resignation of the two direct representatives of Vivendi – the largest shareholder of the Italian telephone group with 24% – from the TIM board.

“The fact of having deconsolidated Telecom Italia” means that “now we are able to play the role of an active shareholder. We now have total freedom to defend the fair valuation of the stake we have in this company which, from our point of view in terms of value, has very important potential,” he said during the news conference, according to Reuters.

Arnaud de Puyfontaine then gave a better comment on the current offers for the network of TIM, i.e. those of KKR and the CDP-Macquarie couple. “I don’t know the details of the offer from CDP and Macquarieso I can’t comment on it,” stressed De Puyfontaine.

“If indeed it is under varying conditions and the level of evaluation that was done by KKRit seems to me that it is completely below the targets that Vivendi has clearly indicated in terms of the conditions that would allow it to be able to sustain an operation,” he added.