This was partly to be expected. But the collapse of the title to 25 cents – half the value of the 50 offered by Kkr which until a few days ago were considered inadequate – certainly did not expect Labriola. And it is safe to bet that Vivendi and Cassa Depositi e Prestiti have also jumped in the chair.
The write-downs of 4 billion, mainly following the recalculation of the tax asset, which brought the 2021 financial statements into the red, could only have an impact on the market. The “cleaning” – as many have called it – done by the new CEO turned the spotlight on accounts that did not add up but, as he said himself during the meetings with the press and analysts, it was more than necessary for a restart from objective data to avoid impacts on the quarterly reports and on future financial statements. D.unque that the stock suffered a backlash on the stock market was inevitable. But coming to a collapse is a sign of something elseO: expectations on the 2022-2024 industrial plan were very high. And they were disillusioned: what has been presented is still at the level of “guidelines”, little more than a frame. General indications on what to do: giving life to two companies, but how and when is still to be understood.
Labriola took time: the goal is to arrive in June with a detailed and operational proposal. And it is this “postponement “on the roadmap, mixed with guidance on 2022 considered” weak “, the lack of decision on the Kkr dossier and on the network company project, to have unleashed the perfect storm. The trade unions – who had already said they were more than opposed to the direction the strategy was taking – further raised their tone: “It thundered so much that it rained“, They captioned the note sent to the press, a” we had said it “that raises the tone of the conflict and launches the accusations against the shareholders, starting from Vivendi. The French are silent and also Cassa Depositi e Prestiti is silent – the latter on both the fate of Tim and that of Open Fiber. E the Government is also silent, in particular the task force created at Palazzo Chigi in which the three ministers Daniele Franco (Economics), Vittorio Colao (Digital) and Giancarlo Giorgetti (Economic Development) sit.
Silence-assent? Or quiet before the storm? Pulling the strings is still early. But between now and June – the deadline set by Labriola – there are just over three months. But the question that arises now is those 50 cents per share that Kkr has offered – for now virtually in the expression of interest – how does Vivendi consider them? Always unacceptable or will the French reconsider?
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