The American fund Kkr targets Tim

The American fund Kkr puts in the viewfinder Tim. The Corriere della Sera anticipated this by specifying that in the past few hours on the table of the president of the telephone group, Salvatore Rossi, an expression of interest has arrived from the US fund, already a shareholder of FiberCop, the company in which Tim moved the last mile of the telephone network, for the entire group. Rossi has convened a council for today to communicate the proposal, which comes while the storm rages on the telephone group. With the first shareholder, the French media company Vivendi, which, disappointed by the latest accounts, Tim has set in motion to change the top management.

The US fund – wrote Corsera – is interested in all of Tim, from what we learn, and would be willing to launch a public offer on the entire capital of the group, whose shares are at an all-time low. Through its diplomatic channels, Kkr would have sounded the government in recent days, from which no indications would have arrived, as usual since Tim is a listed company. But the fact that the proposal then reached the telephone group’s table through the official channels would suggest, if nothing else, neutrality, it being understood that Palazzo Chigi still has the powers of the “golden power” to protect the network, a strategic security asset. national, including the international network held within Sparkle. It is conceivable that in the event of a takeover bid, the government will set up stakes to defend the network, both for the part contained in FiberCop and for the so-called “primary network” which Tim remains.

KKR’s move comes as Italy plans to use billions of euros from the European Union’s PNRR plans to increase digital connectivity in the country and fill the gap with other member states. Last year, KKR invested 1.8 billion euros for a 37.5% stake in FiberCop, the subsidiary that owns TIM’s last mile network that connects road lockers to customers’ homes.

According to anonymous sources cited by the Reuters agency, KKR would like to see TIM’s network merged with that of its rival Open Fiber and function as a government-regulated asset according to the model used by the electricity grid company Terna or the gas grid company Snam.

As you will remember, the project for a single telecommunications network was sponsored by the previous Conte government, but it ran out under the current executive headed by Mario Draghi.

A Vivendi spokesperson said today that the French media group is ready to work alongside Italian authorities and institutions for TIM’s long-term success.

TIM’s fixed assets are considered strategic by the Italian government and the public investor CDP has acquired a 9.8% stake in the former telephone monopolist to oversee them. Moreover, CDP is already present in both Terna and Snam, as well as in the Italgas gas distribution network, through the investment vehicle CDP Reti, set up in 2012 to hold investments in network assets.

It should also be remembered that a hypothetical acquisition plan by KKR would still need a green light from the Italian government which holds the so-called “golden power”, that is to say special anti-takeover powers to protect companies deemed of strategic importance from acquisitions. ester.

On November 19, S&P downgraded Tim’s long-term rating to “BB” from “BB +”, with a stable outlook. TIM’s rating cut was motivated by “the weakening of revenues from domestic services on an annual basis, a slower recovery in roaming and mobile phone sales, and adverse currency movements that are still affecting the contributions of the Brazilian business in 2021 “. As for Italy, “the weak benefits from Dazn’s sports television rights and subsidies for vouchers” were highlighted.

(with source Askanews)

Source: RSS Economia by

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