Telecom. Arriba Espana!

Security Telecom Italia. Tronchetti Provera, Tavaroli
Click on the image

In May 2007, Intesa San Paolo, Mediobanca, Generali and Telefonica got rid of the unhappy Tronchetti and they bought the controlling package of Telecom for an exorbitant value. In July 2007, I wrote “Telecom shares are worth a bit more than 2 euro. The Piave line, the K2 of the analysts, is about to be breached. After that there’s the unknown. It’s nothing new. When Tronchetti demanded and got 2.9 euro per share, it was known to be an “ad personam” value. To get rid of him with a golden handshake. The industrial forecast for the share was between 1.5 and 1.7 euro.”
I was being an optimist.
Today Telecom shares are worth about 1.1 euro. K2 has been transformed into K1. The threshold of the euro is near. And after that?
If the shareholders cry (one or two have lost nearly everything). The bondholders are trembling. The Telecom debt, turned upside down in part onto those who own bonds, is 46 billion euro. Bernabč, the new CEO has denied there’ll be the sale of Telecom Italia to Telefonica, perhaps he would do it (or he would have to do it) willingly given the disastrous financial situation, but the government cannot allow itself to lose other Italian companies.
The decrease in value for the shareholders and for the System of Italy has been impressive under the Tronchetti/Buora management, allowed to go with millionaire golden handshakes, paid for years with salaries higher than the European companies in the sector.
Before the final crash, the Knock Out, it’s useful to ask a few questions:
- Who will compensate the Banca Intesa San Paolo, Mediobanca and General shareholders for having purchased Telecom shares at at least double their value? Everyone knew and they didn’t? The companies in the controlling group will have to devalue their shares by a few hundred million. Their patrimony will be worth less, their shares will be worth less. Who will pay for an out-of-market choice?
- The situation in which Bernabč found Telecom was (and is) dramatic. A plan to sack the staff is already underway, at least 10,000 (in relation to this, is Napoletone also included?) Telecom should take it out on the previous administrators, even for the vertical drop in Telecom’s image due to the wire-tapping. Will it happen?
- Telecom Italia cannot do it on its own. The white knight is called Telefonica. If there is a takeover bid, will it be the usual folk to gain? Only those who possess the controlling package, Benetton included, or even the small shareholders who represent the majority of the ownership? What will the Consob do?
Arriba Espana!

Posted by Beppe Grillo at 09:46 PM in | Comments (6)
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Beppe Grillo is doing a wonderful job!
Thank you for this interesting post.

Posted by: Randolph Voip | November 22, 2008 04:38 PM


I recently watched a documentary on Beppe Grillo and wish to congratulate you on the work you are doing. I am an Australian and have long been questioning whether Party Politics truly serve us (the people) any longer, anywhere. For a democracy to be effective the value of representation has to truly reflect the desires of those being represented. Perty Representatives that have to toe the party line even when they are fully aware their own constituants feel, for whatever reason, strongly opposed to the party view are at that point no longer representing there electorate.

More power to you.

Errol Bannister

Posted by: Errol Bannister | August 6, 2008 03:28 AM


Do you remember??

Share action. Let’s give it a go!

Who does Telecom belong to? And who has built it up year after year with their taxes if it’s not generations of Italians? Well then let’s try to take it back. The mechanism is simple.
If everyone owning Telecom shares wants to give me their proxy vote, I can go along to the Telecom shareholders’ meeting and make sure your voice is heard so that the whole Board of Directors is fired. So you see it’s worth the effort to attempt it.
To get this project to work we need loads of people. Send me your expressions of interest by using this form so that I can weigh up how feasible this project is and then have a go at making it happen.
Below you’ll find a legal explanation of the whole process so that your right to vote can be put into effect:

”Telecom is quoted on the Stock Exchange so the shares are bought and sold in markets that are regulated and they are not physically in the hands of the shareholders but they are figuratively deposited in the Bank and the ownership of the shares is demonstrated by a series of registrations.
The shareholder who intends to participate in the Telecom shareholders meeting thus has to ask the Bank holding the deposit of the shares for the admission ticket to the shareholders meeting indicating the person to whom the shareholder intends to delegate interventions.”
For a project like ours, the rules relating to assigning the proxy vote are given in articles 136 onwards in the Dlg 58/98.
Indicate to me that you are interested in this and I will put our project into action.
Let me enjoy this. Rise above the humiliations that have been suffered in recent years as users and as shareholders. The Board of Directors sacked by its real shareholders through a comic. Something that has never in the world been seen before. An 9/11 of the capitalists without capital that weigh on our society.
Lasses and lads, let’s get stuck in.
Participate, participate, participate.

Posted by Beppe Grillo at 10:23 AM in Economics


LITTLE SHAREHOLDERS are still looking for you...

BEPPE?? Please change your incompetent LAWYERS before it is too late!!

Posted by: Gi..... o... v ...a... n n i V...E...S...T...R....I | August 5, 2008 03:51 PM

Posted by: Gi..... o... v ...a... n n i V...E...S...T...R....I | August 5, 2008 10:23 PM

Thanks EDEDED, I absolutely agree! It is more of a theatre than clientela. I mean they put those figures (such as Luca Luciani) at the top of the organisation and these people are purposedly meant to mislead the investors, so basically they are well paid (Luciani was paid 844,000 EURO) just to act and sell their bullshit.

I would like to remember that my mum used to work for SIRTI. This is a wire company that became a TELECOM's subsidiary between 1997 and 2000. During this period there was a complete mess within the organisation and SIRTI decided to shut down some of their south of Italy branches with the consequence of many job loss. My mum also lost her job during that period.
I would like if Grillo or 1 of his staff can explain what happened in SIRTI durin that period.

Posted by: Vincenzo Giannattasio | August 5, 2008 05:07 PM

Ciao da Australia. Abbaimo vista in Televisione qui in Australia.

Per politics in Australia legge

grazie tanto

Posted by: Anna F | August 5, 2008 02:00 PM

GRILLO SEI GRANDE ho letto in wikipedia quello che hai fatto (combinato) all'assemblea TELECOM l'anno scorso. E' bellissimo perche' mostra l'incapacita' dirigenziale italiana, ovvero i manager ottengono incarichi importanti grazie al clientelismo, incarichi dati a gente con la terza media o promossi col 6 politico. Sto preparando una puntata nel mio canale GIANNASHOW a riguardo!!! Molti non lo sanno in Italia ed e' mia intenzione aiutarti a fare informazione! FANTOZZI STYLE!

GRILLO you are GREAT! I've read in wikipedia what you did in TELECOM general meeting last year! It is amazingly beautiful your show because it shows the inectitude (incapacity) of italian managers, in other words managers get the job because of clientela, positions given to GSCE or primary school people! I am preparing a new GIANNAshow in my youtube channel on this topic!!! Many people in Italy dunno it and it is my intention help you to inform people in my tiny channel space! FANTAOZZI STYLE!!!

Posted by: Vincenzo Giannattasio | August 5, 2008 03:15 AM

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