15 months after the Amicable Takeover Offer Telecom ItaliaRejected by politics even before by society, the Americans have tried again: a new bid from the fund is expected within days, this time focused on network communications.
Kkr’s interest in the Italian TLC file has been known for some time, and rumors about its officialization have been circulating for days: the indiscretion that republica.it has re-launched for the soon to arrive show is therefore confirmed. The main issue is the valuation of the infrastructure, a point that opened a hitherto incurable rift between Cdp and Vivendi, the group’s majority shareholders: the latter valued the network at more than 30 billion, and Cassa seemed willing to spend less than half.
Now the new intervention by the Americans will be able to stir things up, even if the political reaction will be decisive: after the initial openness, in fact, the Draghi government has moved to a more cautious position, which had cooled first. Then turn off the enthusiasm.
In 15 months, a lot has changed in the field of communications. The expression of interest was determined to launch a total takeover offer aimed at delisting upon reaching at least 51% of the share capital, at a price of €0.505 per common or savings share, against market prices of approximately €0.35 and a capitalization of approximately €7.5 billion. Today Tim’s shares are worth 0.26 euros and the company’s capitalization is 5.6 billion.
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