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Telecom Italia accelerates in the stock market before its preference to sell the fixed network to KKR

Date: June 19, 2024 Time: 00:42:47

The Italian telecommunications company, TIM (Telecom Italia), is already studying the proposals presented to take over the fixed network. A bid in which he shows a preference for the offer of the KKR fund, with which he would have started talks after putting 23,000 million euros on the table

As published by ‘Bloomberg’, citing a person familiar with the matter, Cassa Depositi e Prestiti (CDP) is a shareholder of the telecommunications operator Open Fiber, so in the future it could face antitrust problems, specifies the aforementioned source. In addition, CDP has put 19,000 million euros on the table, 4,000 less than the US firm.

The sale of TIM’s most precious asset, which is studying the offers and hopes to make a decision this Thursday, needs the approval of Vivendi, one of the main shareholders of the ‘teleco’, with more than 20% of the capital, and that he had requested at the time up to 31,000 million, while the binding offers ranged between 19,000 and 23,000 million. A bid in which Macquarie also enters.

Italian Prime Minister Giorgia Meloni’s administration has played an active role in the operation, as officials remain divided over the best structure to ensure public oversight of the network while protecting thousands of jobs.

The news has been well received among investors, who have pushed the group’s share price almost 3% shortly after the opening of the financial market. A rise that has moderated and in the mid-session an advance is noted slightly below 1%, up to 0.27 euros per title.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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