Telecom Italia S.p.A. (TIN.MX)
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- Reuters
TIM's grid suitors studying bid improvements, sources says
Suitors for Telecom Italia's network are studying potential improvements to their rival multi-billion euro bids for the former phone monopoly's grid after they received additional information on the asset, sources said on Tuesday. The sale of the grid is a key plank of CEO Pietro Labriola's plan to revamp Telecom Italia (TIM) and cut its debt pile of 25 billion euros ($27.1 billion). The TIM board this month mandated Labriola to start a formal bidding process and seek improved offers from Italian state lender CDP and Macquarie, as well as from rival suitor KKR by April 18.
- Reuters
Italy weighs options for Telecom Italia grid after KKR bid
ROME (Reuters) -Italian state lender Cassa Depositi e Prestiti (CDP) still needs to secure government backing for a counter-offer to U.S. private equity firm KKR's approach to buy Telecom Italia's (TIM) network, sources told Reuters. CDP is working to finalise its offer before Feb. 24, when TIM's board will convene to decide on KKR's non-binding proposal to buy a controlling stake in the phone group's landline infrastructure, two sources close to the matter said.
- Reuters
KKR steps in with bid for Telecom Italia's grid
Telecom Italia (TIM) has received a non-binding bid for a controlling stake in its fixed-line network from U.S. fund KKR, and Italy's biggest phone group said its board would meet again later this month to assess the proposal. KKR's move comes amid fruitless talks over the future of TIM between the government and the group's leading investors, Vivendi and Italian state lender CDP. After a meeting on Thursday over KKR's approach, TIM said its board would regroup on Feb. 24 to decide over the proposal, without providing details over its terms.
