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Italy Investigates Other Options For TIM As Its Bid For A Network Wanes

Aria Thomas

Nov 29, 2022 11:46

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Telecom Italia (BIT:TLIT), a troubled former phone monopoly, would likely need extra options from the future Italian government, as a bid for its landline network by state lender CDP appears increasingly unlikely.


The multibillion-euro offer, which was championed by Mario Draghi's former administration, is part of a bigger push to combine TIM's network assets with those of smaller competitor Open Fiber to establish a unified broadband champion under the supervision of CDP.


Also crucial to TIM CEO Pietro Labriola's plan to break apart the struggling phone company in order to lower its 26 billion euro debt is an offer due on November 30.


Monday, a government source told Reuters that Italian Prime Minister Giorgia Meloni favors postponing the CDP's request.


Three sources previously stated that CDP was unlikely to reach the Wednesday deadline, while a fourth source reported that CDP had not yet scheduled a board meeting to consider an offer.


The offices of Meloni and the Treasury were slow to respond to requests for comment.


Friday, contrary to custom, Meloni transferred the government's broadband policy to cabinet undersecretary Alessio Butti. Butti has attacked the CDP's intentions for TIM in public.


Instead, Butti has encouraged CDP, which is owned by the Treasury, to purchase TIM in its entirety and then sell its service operations, including its Brazil-listed firm.


In response to Butti's suggestions, Economy Minister Giancarlo Giorgetti indicated last week that the government had "many opportunities" to assume control of TIM's network.


Analysts believe that establishing a new plan to integrate TIM and Open Fiber would take a minimum of one year, leaving TIM's future unknown at a time when rising interest rates increase the group's cash flow loss due to interest payments.


Existing cash supports TIM's debt commitments through mid-2024, and debt refinancing seems more challenging than in the past; thus, the window of opportunity to find a solution is closing. Intesa Sanpaolo (OTC:ISNPY) revealed the following in a research note.

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