Tim, Kkr’s offer evaluated by the board on February 24th. But the CDP meets on the 23rd: the scenarios
Pietro Labriola had said it in unsuspecting times, last July 7 during the Capital Market Day, that Tim had a plan B (or C) for the network. Which consists in identifying an industrial partner that enters the network. With a specific goal: bring down the debt of over 32 billion gross that weighs on Tim’s shoulders. The non-binding offer of Kkr it therefore has a double value: on the one hand, it finally allows us to give a value to the network. Because, as qualified sources report to Affaritaliani.it, it is a figure “with the 2 in front”, included among the 20 and 24 billion. To which further incentive mechanisms will have to be added.
The second reason is that it allows you to go and see the cards Deposits and Loans Fund. Which so far has never presented a formal offer for the network but which has always limited itself to leaking an evaluation among the 16 and 18 billionthe. Now even this veil falls and the ceo Dario Scannapieco, together with CEO of Cdp Equity Francesco Melewill have to decide what to do. It being understood that the government remains fundamental in this match. Someone mentioned Kkr almost like a “Trojan horse”: since the Americans have invested a lot of money to acquire the 37.5% of Fibercop’s secondary network, it is in their interest that an agreement be reached quickly.
Minister Adolfo Urso, who is responsible for the single network dossier together with undersecretary Alessio Butti, did not hide his annoyance at a surprise offer that mussel with the need for the Italian nature of the network itself. Therefore, it appears increasingly probable that Kkr with its non-binding offer is trying to flush out Cassa Depositi e Prestiti. Via Goito will have a board of directors meeting on February 23, one day before Tim’s, who will have to decide on the American offer. Rumors report to Affaritaliani.it that the board of directors of the 24 will be decisiveo: in or out. Translated, or Kkr it is “welcomed” with all the ensuing procedure (due diligence, binding offer, etc.) or we say goodbye and friends as before.
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