Tim, Kkr considers raising the offer to convince Vivendi. Giorgetti: “Government will evaluate” – Corriere.it

The Kkr fund would be considering whether to raise the offer for Tim, currently subject to a non-binding expression of interest, after that Vivendi has already said that it considers the € 0.505 per share insufficient that the US fund plans to propose. Financial agency Bloomberg writes that Kkr in initial discussions with its advisors about how much more offerings would be needed to convince reticent shareholders. Kkr is discussing whether in the end there may be a need to raise the offer to 70-80 cents with someone in the American camp who thinks 90 would be needed to convince Vivendi

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A matter of enormous complexity

Minister Giorgetti spoke on the sidelines of the inauguration of Eicma at Rho Fiera Milano. At this moment – he specified – there is only an expression of interest, the government will evaluate and has decided to evaluate it collectively with a body that President Draghi wanted (the supercommittee that will decide the strategies on telecommunications, ed). Obviously the aspect of enormous complexity. For this reason too, obviously, the perplexities of the workers are justified: the trade unions – added the minister – are legitimately concerned, after which we will see the proposal that comes forward and we will see the decisions that Tim’s council will adopt on Friday. So, the gloss: Apart from the case of Tim, because the government does not want to give any kind of evaluation, we are in the presence of a company listed on the stock exchange, the interest is very positive. In my business around the world, I too try to convince international investors that Italy is a place to invest: we hope that many people will come to Italy to invest. Of course, on terms of reasonableness in all respects.

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Homes do not sell

On the matter there is also the clarification of the French shareholder Vivendi, who of Tim is the first shareholder with 23.5% of the capital.: You are a long-term investor in Tim and do not intend to divest your stake, declared a spokesperson for the group, reiterating the willingness of the French to collaborate with the Italian authorities and institutions for the success of the company. But as far as Kkr’s current offering is concerned, Vivendi’s position does not reflect Tim’s true worth. In the wake of Vivendi’s announcement that it does not want to sell its stake (and in this way the French group maintains a blocking minority in the shareholders’ meeting on extraordinary transactions), Tim shares turned negative on the stock market, losing 1.2 %, to € 0.445 and thus moving further away from the € 0.505 that Kkr says it is willing to pay.

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Savona (Consob): For now, there is only an announcement

Consob chairman Paolo Savona also intervened on the Kkr-Tim operation, underlining (during his speech at the conference on the first five years of operation of the Arbitrator for financial disputes) that the offer has not yet been formalized: I read in the newspapers that we did not intervene in time on various occasions, including the latest Tim-Kkr which has not yet been made on offer but only in an announcement. We can only intervene when we are able, and have already intervened, to obtain the information.

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