“Once again, Tim is at the center of financial attacks by individuals unsuited to supporting investment and jobs in one of the country’s largest companies. Takeover proposals such as the one received by Tim’s Board of Directors from Merlyn Partnership, which aims to delay a vote on the Government and KKR’s plan to relaunch Tim, have a distorting effect on the market.” The general secretary of Fistel Cisl Alessandro Faraoni denounces in a letter sent to the president of Consob, Paolo Savona, «certain – he emphasizes – of your sensitivity in defending small shareholders already penalized by the continuous changes of hands at Telecom in the past years and today, in the which concerns male and female workers, who are also exposed to professional risks”. A letter that is defined by the union itself as a “formal report and concern about the financial operations that have been taking place in recent days around the company Tim listed in stock exchange.” According to Faraoni, “the proposal presented in the last few hours and analyzed by us is vague, lacking economic foundations to support a company heavily indebted and with the need to make large investments for the digitalization of the country, worrying in terms of job stability due to the separation of assets that effectively leads to the sale of services and Tim Brasile”.
But not only. The union considers «that it is a mistake to exclude the Government from the constitution of the new TIM – also looking at the shadows that the KKR plan presents – which must guarantee employment levels for all workers, both those destined for the network company and those in services. The Merlyn Partnership attempt seems more like an internal reckoning between exponents of the current management and those who left recently and who were largely responsible for the failure of the company’s strategies. In fact, this is the first time that a proposal that does not identify a detailed financial plan for the acquisition of a large group also identifies in writing the name of the new CEO who recently left the company and is eager to join the Board of Directors to cover the role. CEO without any institutional sensitivity towards the Government, which has around 10% of the shares in the portfolio through CDP and Golden Power. Faraoni recalls that »Fistelcisl is a Stakeholder of Tim because it represents the workers and among these there are many who have invested in Tim shares. Furthermore, we are concerned that any new delay in Tim’s industrial structure will have repercussions on the telecommunications market with an effect dominoes, dragging a sector that is deeply in crisis into a failure of large and small companies in the supply chain.
Source: IL Tempo
Emma Fitzgerald is an accomplished political journalist and author at The Nation View. With a background in political science and international relations, she has a deep understanding of the political landscape and the forces that shape it.
