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Tim, Kkr’s opaque offer and Consob’s sleep. Broadcast by Gabanelli (Corriere della Sera)

Tim, Kkr's opaque offer and Consob's sleep. Broadcast by Gabanelli (Corriere della Sera)

What Milena Gabanelli of Corriere della Sera wrote about Tim, Kkr and Consob

Lash by Milena Gabanelli on Kkr and Consob for the Tim dossier.

TIM, WHAT DID GABANELLI WRITE ABOUT KKR AND CONSOB

“At the end of November, the American fund KKR sent a letter to Tim in which it expressed its interest in the purchase for 0.5 euro per share. The letter is circulated, and the stock is up on the Stock Exchange, but the offer in which a price is indicated in a legally binding manner, and where the resources for the purchase come from, has not been filed with Consob, as required by the consolidated act of finance. But the supervisory authority does not put KKR on the ropes. It is legitimate to think that someone has done insider trading ”, wrote Milena Gabanelli in the Corriere della Sera in the Data Room with Daniele Manca (deputy director of the RCS-Cairo group newspaper) and Francesco Tortora.

KKR'S OFFICIAL COMMUNICATION ABOUT TIM

Here are the only official communications showing the initiative of the American fund Kkr on Tim: "The Board of Directors of TIM SpA (" TIM "), which met today under the chairmanship of Salvatore Rossi, took note of the intention of Kohlberg Kravis Roberts & Co. LP ("KKR"), in the "non-binding and indicative" status, to carry out a possible transaction on TIM shares through a takeover bid on 100% of the shares ordinary and savings shares of the Company, aimed at delisting (the "Expression of Interest"). (…) The price indicated by KKR in the Expression of Interest, to be paid entirely in cash – to be considered in the state, as well as not binding, even merely indicative – would be equal to Euro 0.505 per ordinary or savings share ", reads a communicated Tim dated November 21, 2021.

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START MAGAZINE INSIGHTS:

Kkr, all on the American fund that points to Tim

Telecom, this is why Intesa Sanpaolo applauds Kkr's move on Tim

Here is Kkr's secret plan on Tim's network

Telecom, all the latest oddities about Tim

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EXTRACT FROM THE DATA ROOM OF MILENA GABANELLI ON TIM:

In the six years that followed, Vivendi became the largest shareholder with 23.75%, and 4 managing directors alternate: Marco Patuano, Flavio Cattaneo, Amos Genish, Luigi Gubitosi. In bonuses, Telecom Italia pays out 33 million, of which 25 to Flavio Cattaneo for a single year in office. The State returns through Cassa Depositi e Prestiti, which becomes the second shareholder with 9.81%. CDP would have a conflict of interest because it also has stakes in Open Fiber, a competitor of Telecom in the development of the fiber network. At the end of 2020, turnover drops to 15.8 billion, profits amounted to 1.3 billion euros, debt remains stable at 23.3 billion. In October 2021, the stock plummeted to an all-time low: € 0.28. At the end of November, the American fund KKR sent a letter to Tim in which it expressed its interest in the purchase for 0.5 euro per share. The letter is circulated, and the stock is up on the Stock Exchange, but the offer in which a price is indicated in a legally binding manner, and where the resources for the purchase come from, has not been filed with Consob, as required by the consolidated act of finance. But the supervisory authority does not put KKR on the ropes. It is legitimate to think that someone has done insider trading.

Launched as "the mother of all privatizations", the telephone company has not only never managed to free itself from the political power that often determined its fate without protecting the public interest, but on its way it has found rapacious entrepreneurs who 'they killed to make money. Overburdened with debt, it has no longer been able to invest in the modernization of the grid, in fact we still have 2.8 million homes without a connection. No state allows such destruction to be done on such a strategic asset! Now the game on easy prey is on. On Friday the new CEO Pietro Labriola was appointed, a manager who knows the company very well. It remains to be seen what the intentions of the shareholders and the policy will be.


This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/primo-piano/tim-lofferta-opaca-di-kkr-e-il-sonno-della-consob-bordata-di-gabanelli-corriere-della-sera/ on Mon, 24 Jan 2022 10:57:59 +0000.