+8% in Piazza Affari – Corriere.it
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Tim flies to the Stock Exchange (here the report of the session in Piazza Affari) on the hypothesis of a joint offer for the network, under the aegis of the Ministry of Economy and Finance, in which Cdp, Macquarie, Kkr could participate with the possibility that F2i will join. The group’s prices closed trading on Piazza Affari with a leap of 8.08%, returning to the 0.2688 euro area. The failure to close the doors to Kkr and Cdp-Macquarie, as requested by Vivendi, has been read positively by the Stock Exchange.
Board outcome
The board of directors, which met on Thursday 4 May, analyzed in depth the non-binding offers received for Netco by the consortium formed by Cdp Equity and Macquarie and by Kkr and deemed them not yet adequate. Therefore, considering the willingness expressed by at least one of the bidders to improve it, the board decided to probe this willingness, in order to obtain a final bid by 9 June next, explains the board of directors in a note released on Thursday evening. The outcome of the board meeting was a step forward in the process and in line with expectations – commented the analysts of Intermonte -. We believe the board has made the best decision in the best interests of all investors by buying time by asking both bidders to improve their offers. Our hope that the bidders choose to work on a joint bid, which would remove the risk of mutual vetoes and ensure more firepower for any further hikes they add.
The opening of the Mef
If the outcome of the board of directors averted the risks of a halt to the infrastructure sale procedure, the shock to prices came from the opening of the Ministry of Economy and Finance to the joint offer. Sources close to the dossier explain that Via XX Settembre would not oppose a joint offer by Cdp-Macquarie and Kkr, nor the involvement of F2i.
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