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Tim, Vivendi rejects Kkr’s offer: “Insufficient”

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Kkr’s expression of interest in 100% Tim, which indicates a price of 0.5 euro per share, “does not reflect the real value that the group can express and is“ insufficient ”. This is the comment that comes from the headquarters of Vivendi, the first shareholder of Telecom Italia with about 24%, after the expression of interest of the American fund which was examined yesterday by the board of directors of the Italian group.

In recent days, the French media company has repeatedly stressed its intention to dialogue with the Italian government for the relaunch of the telecommunications group. The new meeting of Tim’s board has been set for November 26th.

The stock closed trading at € 0.4513, its highest since February 2020, for an overall capitalization that rose to € 9.7 billion, € 2.3 billion more than on Friday.
The jumbo offer, as defined by some investment houses, because it recognizes a 45% premium on the values ​​of Friday, November 19, has caused the prices to fly which, however, have not yet reached the 0.505 euros put on the plate by the American fund, while the investors they look to the first shareholder Vivendi but also hypothesize raises either from other private equity or from other telcos

According to Equita, the non-binding offer presented by Kkr on Tim “could create a speculative appeal”, even on the company of the towers: the hypothesis is Tim’s exit, if Kkr’s bid takes place, and the passage of control of Inwit to the other current shareholder, Vantage Power.

Elsewhere there is the Spanish Telefonica (+ 4.9% on the Madrid Stock Exchange) which, according to Banco Sabadell, would benefit from a possible consolidation in European telecommunications. Dutch Kpn also performed well (+ 2.7% in Amsterdam). Less moved were the giant Vodafone (+ 1.92% in London) and the French Orange (+ 1.28% in Paris).

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