News
Italy’s CDP investment bank is understood to wish to begin purchasing shares in TIM immediately
Italy’s state lender is to purchase a 5 per cent stake in Telecom Italia (TIM), according to a report by Reuters.
Three separate sources told Reuters that the move was intended to strengthen the Italian government’s influence in a strategically important company. Vivendi currently holds a 23.9 per cent stake in the company.
TIM’s biggest shareholder is currently French firm Vivendi, which has recently come under fire from rival shareholders over its management of the firm.
Through the investment arm of the CDP bank, the Italian Treasury is gearing up to invest around €575 million to secure a 5 per cent stake in the former state controlled telco.
Markets reacted positively to the news and TIM’s share price rose to €9.60 as trading opened on the 5th of April.
TIM is set to go ahead with its Annual Shareholders Meeting on the 24th April 2018, and CDP is believed to be aiming to have purchased its 5 per cent stake in time to take part in the meeting.
TIM is Italy’s second largest carrier with 30 million customers spread across the fixed line, mobile and broadband sectors.
