Home Business Tim in the sights of Kkr: today extraordinary board to examine the offer

Tim in the sights of Kkr: today extraordinary board to examine the offer

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Tim has convened an extraordinary board of directors for today. On the table – according to what Corriere della Sera writes today – there would be the expression of interest put forward by the US fund Kkr for the purchase of the entire group.

The board meeting is scheduled for the afternoon. The US fund is already a shareholder of FiberCop, the company in which Tim moved the last mile of the telephone network, but now it would aim at the acquisition of the entire group and, as has already emerged in recent weeks, it would be available to launch a public offer on the entire capital of the group, also thanks to the fact that the shares are currently at an all-time low.

On Friday in the stock market, despite the closing against the trend with an increase of 3.65%, the stock was quoted at 0.3465 euros. Through its diplomatic channels, Kkr would have probed the government in recent days, from which no indications would have come, as usual, since Tim is a private listed company. However, it should be remembered that the government has the possibility of using the ‘golden power’ to protect the network, which is considered a strategic asset for national security, including Sparkle’s international network.

The expression of interest comes at a certainly ‘hot’ time for Tim. Tim’s president, Salvatore Rossi, had already called a board of directors of the telephone group for next Friday after eleven directors, including in particular the representatives expressed by Vivendi, had signed a letter with harsh tones, which spoke of mistrust and concern urgently requesting an extraordinary board of directors to discuss governance and the deteriorating state of company accounts. In addition to the 11 directors, the board of statutory auditors would also have written a separate letter to the president expressing concern for the performance of the accounts.

In the sights, in particular, the management by the CEO Luigi Gubitosi, after the dissemination of the results of the last quarter considered not positive, also because the agreement with Dazn to bring the A series to Tim Vision did not bring the expected numbers . A context that also led to the lowering of Telecom Italia’s long-term rating from ‘BB’ to ‘BB +’, with a ‘stable’ outlook on the future.

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