According to Il Messaggero, Macquarie is deciding on the non-binding offer for the TIM network. The committee that met in London would have expressed a positive opinion on the operation, but it has not yet come to give the green light to the offer. At this point, CDP also intends to wait for the government to take office (we think the end of October), with respect to the dates of mid-October previously assumed. Il sole24ore reports the indiscretion circulated yesterday on the fact that the non-binding offer could be at 15bn, a level that risks derailing the operation, underlines Equita. The advisors are working on possible earn-outs that can reduce the distance between the parties. “A decision that would allow TIM to incorporate the inflation adjustment into the wholesale tariffs would allow TIM to reduce the pressure on margins created by cost inflation and also to better negotiate the single network operation” conclude the analysts of the Milanese SIM .