Il sole24ore today reported some difficulties in the discussions between CDP and KKR for a possible joint offer on the TIM network. The ongoing discussions, which had led CDP/Macquarie not to present a counter-offer and KKR to ask the TIM board to extend the validity of its non-binding offer, are not finding a synthesis. Hence the possibility that CDP/Macquarie could go back to evaluating their alternative offer to KKR, which according to Il Sole24Ore would improve by 1.5-2 billion in terms of cash for TIM, probably reducing the value attributed to FiberCop (where TIM has major minorities) and raising the valuation of other NetCo assets (entirely controlled by TIM).
However, the situation remains very uncertain, says Equita, as underlined by the statements of the CEO of CDP Equity Mele who yesterday, on the sidelines of a conference, spoke of the need to align all the interests at stake, and of CDP’s willingness to contribute to the project , which can be carried out in many ways, which may not even involve the involvement of CDP itself. At the time of writing, the Tim share was up 0.59% at 0.31 euro.