The board “strongly appreciated the interest expressed” for the network, while considering that the offer “does not fully reflect the value of the asset”, indicates the group in a press release. The offer is “to be improved”, he added.
KKR had submitted a proposal to acquire a majority stake in a future TIM company bringing together its fixed network and submarine cables, valuing it at more than 20 billion euros.
However, the French group Vivendi, the main shareholder of Telecom Italia with a 23.75% share, had set the bar higher, demanding a valuation of the network up to 31 billion euros.
TIM announced on Tuesday that it had received a letter from KKR extending the deadline for its offer by one month, until March 24.
The extension of the deadline “is due to a request by the government for an additional four weeks” to analyze the transaction in light of the powers it has in the sector, according to KKR.
Giorgia Meloni’s government will have its say insofar as it has special powers (“golden power”) in sectors considered strategic such as telecommunications. The Italian State is also the second largest shareholder in Telecom Italia, through the 9.81% share held by the Italian Caisse des dépôts (CDP).
KKR had confirmed in its missive “its desire to continue a constructive dialogue with TIM” and to carry out the examination of the accounts (“due diligence”) of the operator.
The markets are counting on a forthcoming counter-offer from the Italian Caisse des dépôts (CDP), associated with the Australian investment fund Macquarie, the preparation of which, however, seems to be taking longer than expected.
© 2023 AFP