Tim: CDP ready to present alternative offer for NetCo, better than that of KKR (analysts)

CDP and Macquarie would be ready to present an offer for NetCo shortly before the BoD meeting on February 24 and that it should be an improved offer for TIM from the point of view of the deleverage capacity for the group. Thus reports Equita according to which the KKR offer is estimated on the basis of 18 billion which would bring 4.5 billion of equity for TIM. “Our valuation of 18.6 billion for NetCo would instead lead to cash-in for TIM of 5.6 billion”. It should also be noted that Vivendi has expressed its opposition to the enhancements that have emerged to date and according to Il Sole24Ore it would be more inclined to evaluate an offer for all of TIM. “We are waiting to verify the formalization of the offer to better understand the pros and cons of the two proposals and verify the effective valorisation of TIM’s assets. However, the scenario remains supportive for TIM, given that the valuations appear to be consistent with our hypotheses and given the interest that clearly emerges in the group’s assets”.