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TIM future still uncertain

28 Nov 2022

The future of Telecom Italia (TIM) is hanging in the balance as Italy’s new right-wing prime minister Giorgia Meloni has tasked cabinet undersecretary Alessio Butti with reviewing plans for the country’s broadband strategy, Reuters reports. Butti has been critical of the previous government’s plan to separate the telco’s fixed network assets from its retail business and put the networks under the control of state lender Cassa Depositi e Prestiti (CDP) so that they can be merged with state-backed wholesale network operator Open Fiber.

CDP is due to submit a preliminary bid for the network assets by the end of this month, but government sources have told Reuters that CDP has not yet received approval for the move and the bid could be frozen.

Butti favours the so-called Minerva plan, which would instead see CDP take control of TIM prior to a merger with Open Fiber. TIM’s retail business and its Brazilian subsidiary would be sold off as part of the shake-up. CDP currently owns almost 10% of TIM and 60% of Open Fiber. TIM’s largest current shareholder is French company Vivendi with a 24% stake.

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