Kkr, hunt for funds to finance the takeover bid on Tim. Newco of 45 billion
The top executives of Tim I’ve been at work for days to evaluate Kkr’s proposal and is analyzing the cards of the non-binding offer of Friendly takeover, which contains an attachment. According to the Messenger, it is one letter of availability from JpMorgan who is also advisor together with Citi and Morgan Stanley, to support the operation. If the US fund decided to switch to de facto ways, it would constitute a Bidco for the takeover bid. The new vehicle would be equipped with monstrous liquidity: 45 billion, a considerable sum but less than the 102 thousand billion old lire that the Lehman Brothers organized to finance the Colaninno-Gnutti takeover bid in 1999.
In the letter from JpMorgan – continues the Messenger – there would also be the flexibility to raise the commitment beyond 45 billion, in the event that the price of the takeover bid should rise with respect to the 505 cents indicative of the expression of interest of 19 November. The task of the committee is also to equip itself with some advisor: orientation would be to have at least 3 banks, one of which is Italian: on pole there is Banca Imi (Intesa Sanpaolo).
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