ROMA – Late yesterday evening, the directors of Tim have been reached by a call for today at 15. On the table of the extraordinary board of directors – which began with a slight delay, at 15:27 – there will be an offer from the US fund Kkr, which aims to enter the Italian giant’s shareholding structure telecommunications.
The news agency Acted writes that Kkr would even be interested in acquiring the entire Tim. So he would have in mind to launch one Totalitarian takeover bid on prey society.
Kkr – through Kkr Infrastructure – he is already a 37.5% shareholder of FiberCop. It is the subsidiary of Tim that aims to install new generation optical fiber in our country and which is also owned by Fastweb (4.5%). At the time of the acquisition of the stake in FiberCop, the Kkr fund moved a figure of 1.8 billion.
EU, for the ok to Open Fiber, the government has guaranteed no to the single network
by our correspondent Claudio Tito
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The offer of the Americans has to deal with two unknowns. On the one hand – remember the Corriere della Sera today – ours government it could exercise the golden power to protect a strategic asset for Italy such as the TIM cable network.
But Kkr, before filing a formal expression of interest, would have received reassurances from Palazzo Chigi (which leaks to follow closely the evolution of events). The government would have declared its neutrality towards the operation because Tim is a privately controlled company. Later, if ownership passes to Kkr, the government could set conditions without going as far as vetoes. In particular, our government arises Tim’s cable network problem.
As a precaution, the Americans have given a willingness to negotiate Tim’s purchase for four weeks.
Long-term investors
On the other hand, the French of Vivendi, which control 23.5% of the capital, could get in the way. But Vivendi’s first statements are relaxing. A spokesperson explains that “Vivendi will collaborate with Italian authorities and institutions for the long-term success of Tim. Vivendi is a long-term investor in Tim and has been from the beginning. “
Not only: “Vivendi firmly denies having had discussions with any fund, and more specifically, with Cvc“for a possible takeover bid on Tim, in response to Kkr’s proposal.
It is not speculative
The American fund Kkr is a global investment company. It’s not a hedge fund: its goal is to invest in companies that can generate attractive returns by supporting them in their sector of action.
Founded in 1976 as Kohlberg Kravis Roberts & Co, since 2010 it has been listed on the New York Stock Exchange, and has grown in various sectors, from infrastructure to real estate, completing 280 investments in companies with nearly half a billion in value.
The fund has offices in 21 cities on four continents (America, Europe, Asia and the Middle East). It boasts a team of over 1,700 employees and advisors, including approximately 550 investment professionals
TELECOM ITALIA TITLE IN THE LAST 7 DAYS
The trade unions: mobilization
” We are following the evolution of the new episode concerning the former telecommunications monopolist, ready to mobilize to defend a heritage of our country ”. Thus the general secretary of the Uilcom Uil, Salvo Ugliarolo: “ We seem to go back in time, compared to the news that is spreading in these hours ”, he adds.
“Unfortunately, even in this case, our political class is participating as a passive spectator in all this,” observes Ugliarolo. ” Minister Giorgetti’s deafening silence is becoming embarrassing. There is a risk of nullifying what this manager has done in recent years and plunging the group back into total uncertainty both in terms of guaranteeing the perimeter and defending employment levels ”.
Immediately an audition
From Parliament he shows up Stefano Fassina Di Leu: “It is urgent that the government report to Parliament on the future of Tim, Fibercop, Tim Sparkle “, a submarine cable company. A decisive piece is at stake for the national interest, for the digital transition, for the security of the nation, not just a large company and 40,000 male and female workers”.
“In Tim, the State, through CSP, is the second largest shareholder with 10% of the capital. Again through CDP, the State has 60% of Open Fiber. What is Foverno Draghi’s strategy for telecommunications and digital assets? Pretend to let the market and does it actually take sides with the strongest, does it leave the most important core of telecommunications in foreign hands, or does it exercise the Golden power? “
“Parliament cannot stand by and watch the match between Vivendi, Kkr, the other investment funds and some Italian shareholders in tow. It is surreal that, for Italian competitiveness, we attack the concessions for the beaches and ignore the raids on Tim“.
Fi: infrastructure is strategic
there Maurizio Gasparri, Forza Italia: “The market is the market and must be respected, but the network is the network. Yet another ballet around Tim, which cannot be viewed with distraction or by relying only on free economic dynamics. The telecommunications network is a piece of the country and has a fundamental strategic value, even more so in the phase of technological transition “.
“Within Tim there are fundamental structures for modernization but also for the independence of the country. And then there are tens of thousands of jobs at stake. Therefore, maximum attention and no superficiality and approximation “.
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