In an extraordinary moment like the one we are experiencing, it is also important to take into account the small steps. The the issue of the passage of Open Fiber from Enel to Cdp and Macquarie is not under discussion, just as it is not the fact that by the end of the year everything will have been definitively ratified. They still remain two knots to untie, even if there is – for once – a certain tranquility on the part of all the actors involved.
Open Fiber CEO Elisabetta Ripa
The first theme to understand is that relating to share that Cdp will acquire from Enel. What is certain is that the Cash desk will be the majority shareholder, with one share fluctuating between 51 and 60%. Non will definitely go beyond, also because the Australian fund Macquarie he decided to put a lot of money on the plate (up to 2.65 billion) e he has no intention of being too much in the minority.
On the other hand, we are talking about a fund that has in management asset for over 380 billion euros (or 595 billion Australian dollars), one of the most important among the player of the infrastructural world. In February, for example, he has raised 1.6 billion investments in renewable energy with the final closing of Macquarie Green Investment Group Renewable Energy Fund 2, exceeding the minimum collection target set at one billion.
For this Enel’s intention to further postpone the “approval” it is not to be read as a black smoke or as the intention to tear other conditions. The “approval” that is lacking is certainly not on the solidity of Macquarie, now definitively established, but on the strategic nature of the operation and on the division of shares.
The second theme to be defined is related to governance of the new Open Fiber. According to accredited sources, at the moment the division of offices would be as follows: a CEO chosen by Cassa Depositi e Prestiti, a Cfo (but with veto power on investments) selected by Macquarie, while the two partners together should express the president. At the moment, in the role of ceo Open Fiber is there Elisabetta Ripa, formerly of Tim, who has been at the helm of the company since 2018.
Many wonder what the manager’s fate will be. According to what appears to Affaritaliani.it, its position would be in the balance, even if it is maximum reserve around the names that could make up the new one board of society. As for the president of Open Fiber, Franco Bassanini, instead a theme of “good neighborly” relations.
(He follows…)