Vivendi puts the points on the ‘i’ and clarifies that not only does Kkr’s offer not adequately value Tim but that it will not sell its stake, even if the story of the transalpine media company, a large asset ‘trader’, suggests caution in closing two-way openings for opportunistic choices, as in the style of its strong shareholder Vincent Bolloré.
The clarification slowed Tim’s run on the stock exchange, which today went into reverse, slipping by 4.7% to 0.43 euros, almost 15% less than the price of 0.505 euros indicated by Kkr.
A sign that the way to transform the “non-binding and indicative” expression of interest of the US fund into a real takeover is, in the market’s interpretation, more than a pitfall, both political and equity. Such as, for example, living with an inconvenient minority shareholder, Vivendi, who with its 23.9% could have a veto power on extraordinary transactions.
In this context, Bloomberg’s indiscretions arrive in the evening, which refers to discussions within the US fund on how much it should raise, compared to the hypothetical price at the moment, of 0.505 euros per share. It ranges between 0.7 and 0.9 euros per share, which would lead the future takeover bid to value Tim more than 19 billion euros, up to 80% more than previously indicated in the press release of the telephone group. are immediately defused “Kkr is totally and only focused on the offer presented to Tim’s board” while Consob ensures that it is monitoring the matter: “we have already intervened on the dossier”, says the chairman, Paolo Savona, underlining that he is not in attendance of “an offer but only in an announcement”.
Meanwhile, the Minister of Economic Development, Giancarlo Giorgetti, reiterated the government’s position after yesterday the supercommittee of ministers and experts – set up to monitor a strategic asset such as the network, with the aim of guaranteeing the development of the ultra-broadband and protecting employment – met for a first review of the dossier, postponing any evaluation after the decisions of Tim’s board on Friday.
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Source From: Ansa
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