The working group created by the government to follow the Tim affair could meet already this week, to make an initial examination of the papers, after the expression of interest presented by the American fund Kkr for a totalitarian takeover bid on the Italian group. It is learned from institutional sources. The working group, as explained in the press release from the Ministry of Economy, is made up of government representatives with the main institutional skills involved (they should be the Franco economy, Giorgetti development and Colao technological innovation ministers), as well as by administrations and experts. “Tim, and therefore Italy, need a partner and an industrial plan that enhance and strengthen the company, not a financial operation that risks leading to a stew of such an important reality for the country. Furthermore, given the not brilliant results in recent months, the change in leadership hoped for by many seems to be a topic that can no longer be postponed “. Thus the secretary of the League Matteo Salvini, consulted by Affaritaliani.it, he comments on Tim’s purchase proposal by Kkr, the American infrastructure fund.
For its part, Confindustria appreciates the sensitivity of the government on the issue. “We obviously do not enter into any judgment, being” Tim “a listed company, however, we appreciate the sensitivity with which the Government is paying close attention to the dossier because in any case we are talking about a strategic sector for the country “. Thus, in Potenza, on the sidelines of an initiative on the theme “Motor Mezzogiorno, Ripartenza Italia”, the president of Confindustria, Carlo Bonomi, answered a question from reporters on the Tim issue.
Vivendi, Tim’s reference partner, rejects Kkr’s offer. “Kkr’s offer does not reflect Tim’s true worth, it is insufficient“This is Vivendi’s position, sources close to the French group suggest.
Meanwhile, Kkr’s purchase proposal gives Tim wings on the stock exchange. Purchases on Tim push the stock towards the price proposed by Kkr for a possible offer on 100% of the capital: up by 30% on Friday’s prices it is now trading at 0.45 euros against the 0.505 put on the plate by the American fund. The whole sector in Europe is in the dust with Vodafone rising by 1.8%, Telefonica by 4.8%, Deutsche Telekom by 1.99%, Orange by 1.5%, Tele2 by 1.8. percent. On the Milanese list, the subsidiary Inwit rises by 5.6% to € 10.66 while the Brazilian subsidiary, listed as Tim Participacoes, rises over 4% overseas. It benefits from the change of scenery too Tim’s reference partner: Vivendi in Paris earns 2.99% at € 11.38 at its two-month high. According to UBS analysts Tim needed an ‘out of the box’ approach to reverse the trend and return to profitability e he can find it with the support of Kkr. “A private equity expert like KKR may prove to be a better solution to support Tim’s turnaround than the major shareholders who have controlled TI over the past 20 years, thanks to its long investment horizon, ample financial resources and the extra flexibility it allows. from delisting “.
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Source From: Ansa
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