Newsgroup: it.economia.borsa
Titolo: Come finanziare una transazione da 21 miliardi con 60 mln

  Eheh, ricorda il cola dei tempi d'oro...
La palladino sarà un po' bastarda ma scema no.
E secondo me a letto è una bomba, una divoratrice di uomini.
Tronchetti's magic multiplier
Telecom Italia: How do you finance a €21bn transaction with only €60m-€70m
of your own money - and still keep control? That's what Marco Tronchetti
Provera, the Telecom Italia boss, has achieved with his takeout of the
minority investors in Telecom Italia Mobile. Securing what amounts to
leverage of over 300:1 is quite a feat, even in a country that is known for
its "capitalism without capital". Moreover, Tronchetti has done this while
simultaneously shoring up his empire's rickety financial structure. He has
achieved this mind-boggling feat by borrowing a large chunk of debt, feeding
cash through a complex chain of Chinese boxes and calling on powerful
allies. The TI/TIM takeover has triggered a chain reaction right the way
through Tronchetti's cascade of companies. Start with the bottom of the
chain: TI itself. It is financing €14.5bn of the cost of the deal with new
debt on extremely good terms and a bit of its own cash. Tronchetti's good
connections with the Italian banking community must have helped. The fact
that Silvio Berlusconi, the country's prime minister, is an indirect
investor in one of his box companies can't have hurt either. What this means
is that TI only has to issue €6.5bn in new shares to make up the rest of the
€21bn consideration. But €6.5bn is still quite a lot of new shares. If
Tronchetti did nothing, Olimpia, the Chinese box sitting immediately on top
of TI, would be diluted from 17% to 14%. That would potentially threaten his
control of the group. The solution is for Olimpia to spend €2bn to get its
stake back up again. In fact, it rises to 19%. Add in stakes held by
Tronchetti's allies like Mediobanca and Generali and he will still be able
to count on 26% of TI's votes. A pretty impregnable position. Of course,
Olimpia needs to find €2bn. And that's still quite a chunk of cash. But,
fortunately for Tronchetti, he is not Olimpia's only shareholder. When you
work through the numbers, he has to put in about €1.3bn to cover the share
held by his Pirelli group and the share held by two of his banking allies,
Intesa and Unicredito, who are not contributing to this part of the deal.
These transactions at the Olimpia level, incidentally, somewhat shore up its
previously wobbly finances. The group, which is just a leveraged holding
company for TI shares, previously had about €5.4bn of assets as against
€3.3bn of net debt. In future, it will have more like €7.4bn of assets
against the same €3.3bn of debt. What's more, because Olimpia will hold more
TI shares than it used to, it will enjoy a bigger dividend stream. That
should allow it to earn a surplus after paying its interest bill. The story,
however, doesn't stop at Olimpia. Pirelli, another heavily indebted group,
needs to find the €1.3bn to inject into Olimpia. That, in turn, is being
financed by raising €1.3bn - partly via a rights issue and partly by a
conversion of warrants. In the process, Pirelli's finances are also being
shored up. The story is fairly similar to what is going on at Olimpia. Debt
will remain roughly constant but the value of its assets will have increased
by €1.3bn. That's important because Unicredito and Intesa have the right to
sell their Olimpia shares to Pirelli for €1.2bn in 2006. That's about €800m
more than they are worth. By getting in cash now, Tronchetti is putting
Pirelli in a position to pay off the banks in two years' time - if need be.
He is also making sure he doesn't look desperate as he tries to sell off the
bulk of Pirelli's cable business, which could be worth another €1.2bn. But
Pirelli still has to raise €1.3bn. How does Tronchetti get his share down to
€60m-€70m? The answer is yet more Chinese boxes. Tronchetti owns 56% of a
company called GPI which owns 58% of Camfin. This company, in turn, owns 27%
of Pirelli. Tronchetti's effective interest in Pirelli is 8.8%.There are
capital increases right the way up the chain. Working through the numbers
might suggest Tronchetti would still need to put in €114m of his own
capital. But he has cut four of his closest banking allies - Mediobanca,
Intesa, Capitalia and Generali - into the action at Camfin and Pirelli. The
result is that he gets diluted a smidgeon. GPI's stake in Camfin will drop
to 51%; while's Camfin's stake in Pirelli will fall to 25%. But Tronchetti's
position is still pretty solid. And by cutting in these allies he only has
to put up €60m-€70m - and complete his magic mutliplier.
   Context News
Olimpia, the holding company that sits on top of Telecom Italia, is raising
€2bn of new equity from its shareholders, which it will use to buy shares in
Telecom Italia. Its shareholders include two Italian banks, Unicredito and
Banca Intesa, which aren't going to follow their money. Pirelli, the cable
group through which Telecom Italia boss Marco Tronchetti Provera holds his
stake in Olimpia, needs to pay €1.3bn to cover its shares and those of the
two banks. Pirelli is also having a capital increase of its own. It will
issue new shares for €1.1bn. Should its outstanding warrants be converted,
that would raise another €200m. Camfin, the holding company that sits on top
of Pirelli, is selling 1.9% of the group to Banca Intesa and Capitalia. This
will cut its stake in Pirelli to 25%. Camfin, too, is raising new equity. It
will issue new shares for €218m, but if outstanding warrants are converted
this will rise to €247m. In turn, Camfin is controlled by GPI. This group,
too, has cut a deal with some banks. It used to own 57.6% of Camfin, but has
pledged to contribute only 51% of Camfin's capital increase. It isn't clear
what deal exactly has been struck, but the press release says GPI has sold
Banca Intesa, Capitalia, Generali and Mediobanca, options on 6.5% of Camfin
after the capital hike. Marco Tronchetti Provera's own holding company owns
56% of GPI.
 
 
Author : Hugo Dixon and Camilla Palladino
 
 
 
--------------------------------
Inviato via 
http://arianna.libero.it/usenet/

 E secondo me a letto è una bomba, una divoratrice di uomini.
Confermo la seconda ipotesi
YEEAAHHHHHHHHH

sei convinto che se ci dessero  prestiti a iosa anche te geronimo ed io ci 
compreremmo la coca cola ??
importante che non siano mezzi nostri 

 importante che non siano mezzi nostri
ma vi ricordate come fecero arrivare i soldi al Trombetto Provola?
YEEAHHHHHHHHHHHHHHHHHH


****** come ?

 ****** come ?
 i 7.000 miliardi della Corning ?
 Ricordi?
YEEAAHHHHHHH

 Ricordi?
Mii la fibbra.
Certo che ebbe un timing da paura..


 E secondo me a letto è una bomba, una divoratrice di uomini.
Hehe... e non e' neanche male d'aspetto ;-)
DMaster


 Certo che ebbe un timing da paura..
Infatti una vera operazione di finanziamento  + che un investimento!
Boccaccia mia statte zitta!
YEEAHHHHHHHHHHHH

 No, al max ricordo delle "corning" che feci a Maria con mia vicina di casa
:-)
Buttai un amore e 2 anni nel cesso (?)

 Buttai un amore e 2 anni nel cesso (?)
Beh una bella esperienza ..due anni di PUGNETTE :-))
Sai che bicipiti!
Manco quella PUGNETTA der bony ha raggiunto tali livelli  :-))
YEEAAHHHHHHHHH

 DMaster
Anvedi DMASTER che riappare e con che report ;-)))) 

 Beh una bella esperienza ..due anni di PUGNETTE :-))
*** Pugnette ? Con tutto quel ben di Dio :-) ??

 *** Pugnette ? Con tutto quel ben di Dio :-) ??
Hai detto 2 anni newl cesso dopo che ti sei lasciato con Maria
io ho pensato PUGNETTE alla bony!
YEEAAHHHHHHHH

 ha scritto nel messaggio
news:fsXtd.33655$C94....@tornado.fastwebnet.it...

**** Maria si accorse che me la facevo con la mia vicina... :-(

 Hehe... e non e' neanche male d'aspetto ;-)
Beh in questa foto è un po' sciatta, ma se è aggressiva fra le lenzuola come
lo è nei report glielo si può anche perdonare...
http://www.breakingviews.com/aboutus/Staff.asp?profiletype=2&profile=40
Ricorda che anche i padri di famiglia possono bere un aperitivo, ogni tanto!



e tu una cosi' la vedi aggressiva tra le lenzuola?
lol

 e tu una cosi' la vedi aggressiva tra le lenzuola?
azzz mi "metti"   paura 

 lol
arf arf


 Ricorda che anche i padri di famiglia possono bere un aperitivo, ogni
tanto!
Hai ragione... ma il fine anno e' il fine anno... ci si gioca tutto e chi si
distrae e' perduto :-)
Ciao DMaster


...

minkia ma nemmeno quando si parla di altro ci capisci qualkosa !! 
ha detto ke si e' giokato 1 storia di 2 anni causa corno effettuato con la
vicina !!!
la domanda giusta doveva essere: " Ne e' valsa almeno la Pena ??"

 **** Maria si accorse che me la facevo con la mia vicina... :-(
Minkia pure della traduzione necessita il geronto x capire la situazia !! 
mi sa ke qui nn ci capite 1 cazzo della vita oltre ke di borsa !! 

 lol
Beh a sto punto posta la tua di foto cosi' facciamo gli opportuni raffronti
!!!

 mi sa ke qui nn ci capite 1 cazzo della vita oltre ke di borsa !!
Ma vattene, cerebroleso.
Consigli di comprare obbligazioni a chi vuole speculare sul dollaro, ripeti
come un pappagallo sempre le solite stronzate su banke e fondi... e tu
saresti uno che capisce di borsa?
Impara prima l'italiano, che poi magari potrai capire qualcos'altro,
MENTECATTO.


 lol
in effetti pur essendo 1 nera (di pelo) ha 1 faccina + da Bamby ke da
Dragaduomna !! 
sotto co la tua di foto ora cara Ely !! 
ps ti sei trasferita in 1 ufficio ?? 
tempo fa provai a chiamarti ma rispondeva 1 Fax !! 
hua hua hua hua hua 

 saresti uno che capisce di borsa?> 
E parli prprio tu ke con la tua esperienza sei venuto a kiedere consiglio
su 
1 strutturato ke + MMERDA nn si puo' ??
Se eri tanto esperto manko lo proponevi !!! 
Proprio vero, Siamo al Bove ke da del cornuto al Ciuccio !!