Vote to Remove Telecom Italia’s Board: Fossati

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Dec. 09 (Bloomberg) -- Marco Fossati, Chairman at Findim Group, discusses opposition of Telecom Italia selling its Brazilian unit and the vote to remove the company’s board. He speaks on Bloomberg Television's “The Pulse.” (Source: Bloomberg)

Good morning.

I would say that is a conflict of interest in this board is acting -- interest.

The mandates has been -- we will be revoking the board which is an important passage of element to talk about brazil.

This board will be free if we don't interfere -- of this asset which we believe will be essential for the future of telecom italia.

Just talk me through.

You want to overturn the board because you say one of your main gripes is the sale of this brazilian unit.

What chance you have of overturning the telecom italia and board on december 20? i would say that things have changed last month because telecom argentina has been forced to sell and also there is a convertible bond that has been done.

Some authorities here in italy are investigating.

I would say that even iss is recommending the funds vote against these boards and provoke this ward.

The chances are everyday passing by better and better.

How might you think you have in terms of votes at the moment?

You're talking about some big investors and funds backing your so-called riots.

Ef 20% of the votes right now?

Just give us an idea of how many votes you can muster on your side?

. we didn't raise votes in this, we just educated that parties of the financial situation.

Regarding what is going on.

We will see this assembly on the 20th.

What kind of votes against and revoke this vote.

I can't tell you actually.

We can pass on the brazilian asset docs if you want.

What is your backup plan for the brazilian asset of telecom italia?

Actually, we as shareholders proposed in 2010 a merge between t i m brazil and oi.

We do know what kind of synergies are in place in the case of a merger.

We believe that a standalone t i m brazil would have a nice growth path for the next three years, i would say.

Then ultimately we will see what will be the best outcome for tam brazil.

I believe this is the worst moment to sell t i m brazil.

The reason why i am saying that is because the sacrifice we are doing on the margins is because of gaining participation in the market traded has been shown detrimental to telefonica and some other players that we're gaining shares in the market.

Right now would not be the proper time to sell it in brazil anyway.

On a standalone basis.

I'm so sorry, we will have to leave it there.

We will interview you after that.

Now coming up on "the pulse," pers households keep getting hit by soaring energy bills.

Is there more sticker shock to come or will the new year see a positive price change?

We're looking at the outlook for 2014. we come back.

-- we will continue when we come back.

This text has been automatically generated. It may not be 100% accurate.


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