(Finance) – It will still take some time to get to know the future of the single networkafter the US infrastructure fund kkr extensionalready a shareholder in Fibercop, with one surprise solo movepresented to TIM anon-binding offer for landlinesincluding Fibercop and Sparkle, but the BoD having met to examine it, he decided to updated to next February 24th.
“TIM remains open to consider any alternatives that should materialize in the meantime, and will continue in the dialogue with its stakeholders”, underlines a brief note at the end of the BoD.
The non-binding offer – the Group explained in a note yesterday – “refers to one stake to be definedit being understood that the purchase would result in the loss of vertical integration compared to TIM”. Translated: KKR has not defined the shareholding in TIM but this will have to be the majority.
Meanwhile, the MIMIT has already confirmed that the government”follow the offer carefully presented by the Kkr fund” and “reputa central the safeguarding of employment levels and the security of a strategic infrastructure such as the national telecommunications network”. It will then be necessary to understand what the assessments of the Board of Directors and the decisions of the two shareholders CDP and Vivendi.
meanwhile, TIM had an exceptional day on the Stock Exchange to say the leasttaking home a gain of over 9% to 0.29 eurosdue to the speculation that normally follows the presentation of an offer and before the price of the same is known.
Press rumors value the offer at between 16 and 21 billion euros, excluding the backbone of the network (Backbone) and depending on whether we consider the stake held by KKR in Fibercop (secondary network), which would push the offer down, and the stake in Sparkle (submarine cables), which would the investment at the top of the fork. But it must be considered that the French shareholder Vivendi had already defined the hypothesis of a 20 billion offer as “inadmissible”.