an offer for the network and in partnership with the State – Corriere.it

Kkr tries again with Tim. The American fund, which a year ago was ready to launch an 11 billion takeover bid for the entire telecommunications company, reportedly stepped forward again yesterday and is considering an offer, this time however only for the network and on condition that the government agrees to be a partner in the operation. The indiscretion of Bloomberg, plunged into the middle of the strategies of the Meloni executive on the former state monopolist, lashed the title, which rose by 4% and settled at 0.20 euro cents at the end of the session. Kkr — which already owns a minority stake in Fibercop , Tim’s subsidiary specializing in optical fibers, worth 2 billion euros — would have delivered its cash to Rome, but only as part of a joint venture with a state-backed company or in case a new financial vehicle were created publicly owned. However, the fund would have said clearly that it would only be ready to enhance the network, no takeover bid on the horizon.

No majority to the funds

It is probable that Cassa Depositi e Prestiti, a 10% shareholder of the telco, will once again meet these requirements and in recent days withdrew from the offer to acquire Tim’s infrastructure and merge it with Open Fiber, thus creating a single network. However, the executive would have already clearly expressed its orientation, i.e. not handing over the majority of the TLC company to the funds. The memorandum of understanding which provided for the purchase offer of the network with Cdp at 35% and Kkr and Macquarie at 65% would have stalled also for these reasons. The undersecretary in charge of Innovation, Alessio Butti, confirmed that “for now” there is no complete takeover of Telecom Italia. According to other rumors reported instead by ReutersTim herself would be probing the interest of investors in her assets and the CEO Pietro Labriola would be working for Netco in particular with the US fund, but would also have made contact with Iliad and Poste.

The new board

We therefore expect the table that the Presidency of the Council and the Ministry of Enterprise and Made in Italy, through Minister Adolfo Urso and Butti himself, will organize by 31 December, and which should involve the companies concerned, their shareholders and stakeholders. While awaiting more certain news, the first appointment from which some indications could arrive is the one with Tim’s board of directors on December 15 for the usual pre-Christmas meeting on the budget, but which could take stock of the separation and debt reduction plan (today 2.7 billion) with a possible plan B which replaces the failure to sell the network to CDP. Another outstanding issue is the replacement of director Frank Cadoret, who represented, with Arnaud de Puyfontaine, the first Vivendi shareholder on the board: the most accredited name at the moment is that of the current president of Fibercop, Massimo Sarmi. The manager – a long experience as CEO of Telecom from 1998 to 2000 and before that at the helm of Tim (the mobile telephony subsidiary) from 1995 to 1998 – would be well regarded by the French and also by the Meloni government.