Tim, Kkr starts the “preparatory site for the launch of the takeover bid” of 0.55 euros per share
The US fund Kkr replied to the letter from the top management of Telecom Italia. The letter underlines the availability of the bottom New Yorker “to deepen the dossier” of the giant of communicationsstarting “the preparatory site for the launch of theTakeover bid“Of € 0.505 per share. In particular, Kkr has made it known that he is aiming at delisting, therefore that he is interested not in single pieces but in the whole telephone group. The operation would be financed almost entirely with equity and the remainder by debt. As for the timing the American fund awaits any access to due diligence.
On another much discussed front, the endorsement of government e Cassa Depositi e Prestiti. “The single network is one of the goals of the government and it will happen,” he said Francesco Giavazzieconomic advisor of Palazzo Chigispeaking at Bloomberg Capital Markets Forum 2022 “A duplication of investments in the network does not make sense from an industrial point of view,” he added Dario Scannapiecomanaging director of Cdp. “We are facing a completely different market than in the past, echoed Tim CEO Pietro Labriola, and now we have four different challenges.” Two of these are “Brazil and fiber, true long-term business” . Second Labriola “you have to choose whether to have good numbers in the three years or in the long term”.
Meanwhile, however, yesterday S&P he lowered the rating long-term of Telecom Italia to ‘BB-‘ from ‘BB’ with negative outlook. The rating agency explained that in contrast to the previous forecast, it now expects lower revenues and earnings with a faster-than-expected declining ebitda. And yet the weakest indication is due to one slower resumption of roaming and telephone sales and adverse currency movements that are still affecting the contributions of Brazilian businesses in 2021. S&P has not yet incorporated the takeover offer of Kkr or the Strategic Plan stand alone reorganization developed by the CEO Pietro Labriola.
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