CEO of Telecom Italia Luigi Gobitossi He will be willing to tender his resignation to speed up the takeover bid announced by US fund Kkr last weekend. The offer is non-binding and is subject to the outcome of an analysis of the group communications financial statements to be conducted by Kkr. Gubitosi’s desire to back down is written in a letter to council members. Jupitusi wrote that he was ready to resign If this will speed up the bid evaluation process. The director urged Tim’s board to act quickly.
The group’s board of directors is scheduled to meet tomorrow. France’s largest shareholder Vivendi, which controls 24% of Tim, has stated in recent days that he does not intend to sell his stake at the price suggested by Kkr (0.5 euros per share). Vivendi has been lobbying for Jupitosi’s replacement for some time, considering the results disappointing. In Tomorrow’s Council he can look for the shoulder in coordination with other partners.
The Board of Directors met in the morning Cassa Depositi e Prestiti, the second shareholder of Tim with 9.8%. Regarding investments in stocks “We will remain stable contributors to supporting the country’s infrastructure or strategic assets.” Cdp CEO said Dario Scanabico. And of non-strategic assets, he added, “You go in and help, but as soon as you hit the target you leave.”
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