Fondi di private equity possono fare un takeover delle reti fisse ?

Leggo qui un paper con questo abstract:

The debate over the implications of private equity leveraged buyouts revolves primarily around one central issue, the extent to which private equity ownership promotes efficient long-term investment and operational management in the target firms, or the maximisation of short-term returns to private equity investors to the detriment of the target firm’s long-term development.
Supporters of private equity buyouts claim they  introduce a longer term planning horizon for firms with public shareholders who have demanded that management be preoccupied with quarterly earnings improvements and  short-term movements of the stock price.
Critics claim private equity groups maximise the short-term cash value of the assets for payouts to investors and impose unsustainable debt structures that preclude investment in long-term growth opportunities.
It would appear from the evidence to date that the objective of the leveraged buyout of TDC is not to invest in TDC’s growth and development, but rather to withdraw as much cash as possible from TDC through the combination of special dividend payments, management  and financing fees, and finally the sale of a much smaller residual company.

Come finanziare la rete fissa ? un fondo assicura sviluppo a lungo termine maggiormente di un gestore che guarda al trimestre ? io credo di si, ma SOLO se si associa un piano di investimenti ce rispecchi l’interesse pubblico. Certo, il meccanismo delle licenze e delle concessioni non c’e’ più nell’ordinamento, ma ci vorrebbe uno sforzo di fantasia, IMHO

If you like this post, please consider sharing it.

Leave a Comment

Your email address will not be published. Required fields are marked *