This is “a good deal”, which has been managed through a clear process at all stages. This is what Tim’s president, Salvatore Rossi, wrote in a response letter published today in the Anglo-Saxon financial newspaper “Financial Times” to defend the correct actions of the Board which approved the network sale operation by a large majority last Sunday. fixed by Tim to Kkr with 11 votes in favor out of 14. In the Lex column of the “Financial Times” last Tuesday entitled “Telecom Italia: good deal, wrong process” the goodness of the operation is praised but it is stated that “approving the operation without a shareholder vote” is a bad idea and “would not be permissible in the UK”.
“We thank you for the appreciation expressed in the substance of the operation – wrote the president of Tim in his reply – but we also want to underline how Italian law assigns exclusive responsibility to the Board of Directors for any decision that does not involve a modification of the corporate object, regardless of the relevance of the decision. The Italian Civil Code was reformed in this sense in 2003 precisely to avoid any attempt by the Board to offload its responsibilities onto the shoulders of the shareholders. Regarding this transaction specifically, there is no doubt that Tim will continue, after the sale, to install and manage telecommunications networks and to provide these services.” “So – concluded the president of Tim, with a long experience at the Bank of Italy – there is nothing nebulous. It is the law of our country. Thanks to the Board, which correctly fulfilled its responsibilities, for the first time in more than two decades TIM now has attractive strategic options before it.”
This article is originally published on .agenzianova.com