French telecoms investor Xavier Niel would reportedly like to play an active role in Telecom Italia, which he sees as a potential acquirer of assets. Italian state holding Cassa Depositi e Prestiti (CDP) has for its part not ruled out joining Niel and Vivendi as a shareholder in the incumbent.
French telecoms investor Xavier Niel would reportedly like to play an active role in Telecom Italia (BIT:TIT), which he sees as a potential acquirer of assets.
In an interview with La Stampa, he provided his first comments on the rationale for his October purchase of options to buy 15% of the Italian incumbent through his holding company NJJ Capital. If he does exercise the options, he would become the second largest shareholder behind Vivendi (EPA:VIV).
Describing himself as an industrial investor, rather than an activist investor, Niel said he viewed Telecom Italia as a “fantastic operator” with good management, adding that he had “a few ideas” on how it could improve performance.
Leading shareholder Vivendi has is in the meantime become more forceful, dramatically abstaining from a shareholder vote on a cost-saving share conversion plan and pushing through a proposal to add four of its own representatives to a newly enlarged board.
Italian state holding Cassa Depositi e Prestiti (CDP), which until now has said it will not invest in Telecom Italia, may now be having a change of heart. The group, a shareholder in Milan-based Metroweb, could potentially take a stake in Telecom Italia if it is successful in its bid to buy the dark fibre operator as part of plans to play a central role in Italy’s €12bn (US$13bn) national high-speed broadband plan.
Claudio Costamagna, the newly appointed chairman of CDP, said that Metroweb remained in talks with Telecom Italia, as well as with challengers Wind and Vodafone.
CDP owns 46.2% of Metroweb Holding, which itself owns 87.7% of Metroweb. The fibre operator last changed hands in 2011.