Trading Concept
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Trading Concept
No Result
View All Result
Home Trading News

KKR makes a non-binding $12 billion takeover bid for Telecom Italia

by
November 21, 2021
in Trading News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Here are Wednesday’s biggest analyst calls: Tesla, Goldman Sachs, Penn, Amazon, McDonald’s & more

Delta offers free flight changes over July Fourth weekend ahead of possible ‘operational challenges’

A KKR logo is displayed on the floor of the New York Stock Exchange (NYSE), August 23, 2018.

Brendan McDermid | Reuters

Telecom Italia (TIM) said on Sunday its board had examined a non-binding proposal by U.S. fund KKR aimed at taking Italy’s biggest phone group private that valued it at 10.8 billion euros ($12 billion).

KKR’s proposal, which would offer a 45.7% premium versus the closing price of TIM’s ordinary shares on Friday, comes as TIM’s CEO Luigi Gubitosi battles for survival after coming under fire from top investor Vivendi following two profit warnings in three months.

Gubitosi brought KKR onboard last year in a 1.8 billion euro deal that handed the New York-based fund a 37.5% stake in FiberCop, the unit holding TIM’s last-mile network connecting street cabinets to people’s homes.

TIM’s fixed-line business is its most prized asset and is deemed strategic by Rome, which has powers to block any unwanted moves.

Unable to stem TIM’s revenue hemorrhage, Gubitosi has started looking at ways to squeeze money out of TIM’s assets, revisiting in particular a plan to merge TIM’s fixed-line grid with that of fiber optic rival Open Fiber.

Sponsored by the previous government, that project had run aground under Prime Minister Mario Draghi.

The PM’s office said it was following the situation.

The government is aware of the need to shore up the debt-laden group at a time when it needs to step up investments, and protect its 42,500 domestic workers, sources have said.

KKR’s plan would see TIM carve out its fixed network to be run as a government-regulated asset along the model used by energy grid company Terna or gas grid firm Snam, two sources close to the matter said earlier on Sunday.

Separately private-equity firms CVC and Advent studied possible plans for TIM, working with former TIM CEO Marco Patuano, now a senior adviser to Nomura in Italy.

A spokesperson for the two funds said they were open to working with all stakeholders on a solution to strengthen TIM.

ShareTweetPin

Related Posts

Here are Wednesday’s biggest analyst calls: Tesla, Goldman Sachs, Penn, Amazon, McDonald’s & more

by
June 29, 2022
0

Here are Wednesday's biggest calls on Wall Street: Barclays initiates Penn as overweight Barclays initiated several casino and gaming companies,...

Delta offers free flight changes over July Fourth weekend ahead of possible ‘operational challenges’

by
June 29, 2022
0

In this article DAL An Airbus A330-323 aircraft, operated by Delta Air Lines. Benoit Tessier | Reuters Delta Air Lines...

Watch Fed Chair Powell talk live about the economy, interest rates at ECB forum

by
June 29, 2022
0

[The stream is slated to start at 9 a.m. ET. Please refresh the page if you do not see a...

Head scratcher: Analysts still see earnings rising this year even as the U.S. teeters on a recession

by
June 29, 2022
0

Two big earnings trends as we end the first half of the year and look forward to the second half:...

Crypto hedge fund Three Arrows Capital plunges into liquidation as market crash takes toll

by
June 29, 2022
0

Billions of dollars of value have been wiped off the cryptocurrency market in the last few weeks. Companies in the...

Next Post

[video]Bearish Bets: 2 Stocks You Really Should Consider Shorting This Week

Turkey’s Currency Crisis Raises Cost of Living, Threatens Financial System

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • WHO says Covid vaccine booster programs will prolong pandemic

    0 shares
    Share 0 Tweet 0
  • Spin or Split? AT&T Has a Big Decision to Make on Discovery Stake.

    0 shares
    Share 0 Tweet 0
  • Here’s how Carl Icahn is positioning for a possible recession in America

    0 shares
    Share 0 Tweet 0
  • Some lawmakers and their families are betting thousands of dollars on crypto

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by tradingconcept.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.tradingconcept.net