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November 26, 2021 The CEO of Tim, Luigi Gubitosi, according to what is learned, has left his powers, as anticipated Thursday in a letter to the directors of the Group. Tim's board would have accepted Gubitosi's decision. According to sources, the powers of Gubitosi pass to president Salvatore Rossi while Pietro Labriola, current CEO of Tim Brasil, has been appointed general manager. Gubitosi would still remain on the Board of Directors as a director.

These are the decisions on which the

has taken steps

of the telephone group (Tim's Board of Directors started in the early afternoon and continued in the evening) called to examine the latest developments in management and the proposal of the American fund Kkr to launch a takeover bid on the group. On the eve of the extraordinary board of directors Luigi Gubitosi had written to the directors presenting his resignation: "Our duty is to protect the interests of all our stakeholders, in particular the market, not to privilege individual positions and to act in strict compliance with the rules quickly to protect the stability of our society ".

The turning point is commented by

: "Well the abandonment of the proxies by Gubitosi, unthinkable that he would go on despite negative results and not maintained forecasts". Now forward "in the name of the protection of the national interest: no sale of company parts, protection of the public network, protection of investments and employment, no surrender to foreign financial interests. On Wednesday I will meet all the trade unions. Meanwhile, Consob is vigilant about ' performance of the stock, on purchases, sales and speculations ".

The news at the top has mitigated the

that in a day of major stock market falls due to the South African variant lost only 0.72%. In one week it gained 38.7%. To move the title again the rumors according to which the CVC fund would be evaluating the possible alliance. At the moment, however, there are no official communications. Naturally, a joint offer of the two funds would be at a higher price than what has been put on the table so far (€ 0.505 per share) and sent back to the sender by the shareholder Vivendi (who holds approximately 24% of Tim's capital). Instead, the government has denied the hypothesis of the involvement of the Post Office in this game.

In the background there are the

highlighted by the Risks Committee and the Board of Statutory Auditors. 250-300 million euros in revenues from the Dazn contract are missing, giving rise to the hypothesis of a new downward revision of the accounts. In this sense, doubts are also expressed by the rating agency Fitch: "The potential acquisition of Tim by Kkr - write the analysts - if carried out by increasing the financial leverage of the company, it could have negative consequences on the group's rating". "Similar operations in the telecommunications sector - the report reads - tend to have a significant debt component. If the operation goes ahead - the press release continues - we would re-evaluate Tim's rating with probable negative implications".

For its part, the CEO of

(holds 9.8% of the telephone group), Dario Scannapieco, confirmed that the group intends to remain a stable shareholder in infrastructure assets, without referring to what is happening in the telephone group. The market and analysts read positively the possible expansion of the Kkr consortium to Cvc if this can guarantee greater financial firepower, effectively ensuring the success of the operation. On the other hand, however, the possibility of a third profit warning to reflect the new differences in revenues could lead to greater caution on the part of bidders during the confirmation due diligence phase in the valuation of the assets.

At

the Tim title travels to absolute maximums.

"In the space of a week, over 30% of ordinary capital changed hands, a sign that the interest on the share is destined to remain very high in the next few days. On Monday, the trade unions of CGIL, CISL and UIL announced a garrison at Mise from 9.30 and in front of the prefectures throughout Italy to express their concerns for the future of the network and Tim's 40,000 employees.