TIM S.p.A.

France, it's called Orange.

In Italy, I think it's called Team.

Anyway, they're just the same one.

Mm-hmm.

And so I always wonder if people have those types of people in their lives too.

Yeah, by listening to you, I remember when I was a CEO of Telecom Italia France, the management took me to Italy to meet the CEO of Telecom Italia.

So in a meeting, I was more kind of open-minded, curiosity, asking questions, challenging things, even if it's the ideas from the big boss.

But the big boss at that time was like, you know, we told you to do this.

20 years ago, the European corporate bond market was dead in the water, right? Right.

In fact, when Telecom Italia did its acquisition of, you know, that, or whenever, Telecom Italia was acquired in a hostile acquisition in 98, they had a really tough time making a corporate bond issue.

It was left

to buy out.

So basically, what a corporate bond market allows you to do is not only does it free corporations to borrow in a different way, but remember we talked about activist investors, people who can push a company to change? How does a Carl Icahn or a Bill Ackman come up with the capital to go out and do an acquisition.

They start with their own capital.

But if you're buying a $100 billion company or a $150 billion company, you've got to borrow money, right? Now, let's say I want to do a hostile acquisition of Telecom Italia.

And the only people I can borrow from are Italian banks.

Quindi potete banalmente disattivare un flag, un'opzione sul sito del vostro operatore, sul sito del servizio che usate e quindi tutto quello che poi andrete a leggere nelle email non verrà tracciato, nessuno saprà che avete aperto l'email.

Negli ultimi giorni alcuni operatori telefonici si stanno già muovendo, ad esempio sono già state inviate le email di Fastweb, di Vodafone e di Tim, ma anche altri istituti come banche, fornitori di servizi, fornitori di newsletter si sono già adeguati e hanno già inviato le comunicazioni nelle loro email.

Cosa si può fare quindi a questo punto? Come dicevo, potete scegliere la revoca selettiva per revocare solo l'accesso ai dati e continuare a ricevere l'email come stavate già facendo finora.

Potete bloccare la- il caricamento delle immagini nelle email, quindi per evitare a monte che questi pixel vengano letti, oppure ancora meglio, potete disattivare le newsletter che non vi servono davvero, perché io ne ricevo decine a settimana, non posso stare dietro a tutto, quindi alcune semplicemente le ignoro, ma sarebbe buon uso disattivare la ricezione di newsletter, di email che poi non vi servono davvero, così almeno anche la vostra casella email rimane più pulita e anche voi siete più tranquilli.

That doesn't happen in Europe, civilized.

Until you got Telecom Italia in 1998 or 99, one of the first large European companies to be acquired in a hostile acquisition funded with debt.

You know what allowed it to happen? Until the mid-90s, if you tried a hostile acquisition of a European company funded with debt, guess where you had to go to get the debt? You had to go to a bank.

Can you imagine borrowing from an Italian bank to try to take over Telecom Italia? It's not gonna happen.

What allowed that takeover to happen was the bond markets had opened up and the acquirer, in this case Olivetti, was able to borrow money in the bond market and do the acquisition.

It scared the heck out of CEOs across mainland Europe.

And then Tim Brazil, we're working with them as well.

This is Telecom Italia's brilliant subsidiary.

They have about 22% of the market.

The only question is Algar Telecom, which is, I'm not sure who they are, but they've got 2% of the market share.

And this is CRA in the Czech Republic.

It's Telecom Italia.

It's SilkNet in Georgia.

It's Atisalat in UAE.

So we can see pretty much across the globe there are telecoms tendentially kind of chopping their bodies into pieces.

And going back to the previous podcast, a team, or previously known as Telecom Italia, completed the sale of its fixed network business to KKR.

And that is different because before we're talking about the mobile infrastructure side of things, now we're talking about the fixed network business.

But again, you sell the infrastructure and then you try to focus on effectively your customer on the service.