December 8, 2021

Hardwood Paroxysm

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Tim Cocker is considering raising the bid to impress Vivendi. Giorgetti: “The government will evaluate” – Corriere.it

The Kkr fund will consider whether to collect Tim Show, which are currently subject to a non-binding expression of interest, then Vivendi has already said that it considers 0.505 euros per share insufficient which the US Fund intends to propose. Bloomberg Financial wrote that Kkr is in initial discussions with its advisors about how much additional offerings will be needed to convince silent shareholders. Kkr discusses whether there will eventually be a need to raise the bid to 70-80 cents with someone in the American camp who thinks 90 will be needed to convince Vivendi

A very complicated matter

Minister Giorgetti spoke on the sidelines of the opening of Eicma in Rho Fiera Milano. At this moment – precisely – there is only an expression of interest, the government will assess and have decided Assessed collectively with the body that President Draghi wanted (Super-Committee That Will Decide Communication Strategies, Editor). Obviously a huge complexity aspect. For this reason, too, the workers’ bewilderment is clearly justified: the trade unions – added the minister – are legitimately involved, and then we will see the proposal to be made and we will see the decisions that Tim Council will adopt on Friday. . So, flashing: Regardless of Tim’s case, because the government doesn’t want to make any kind of assessment, we’re in the presence of a publicly listed company, the interest is very positive. In my work around the world, I also try to convince international investors that Italy is a place to invest: We hope that many people will come to Italy to invest. Of course, under the conditions of reasonableness in all respects.

Homes do not sell

On the issue, there is also a clarification from the French shareholder Vivendi, who considers Tim the first shareholder with 23.5% of the share capital.: You are a long-term investor in Tim and do not intend to sell your stake, a spokesperson for the group, announced once again the desire of the French to cooperate with the Italian authorities and institutions for the success of the company. But in terms of Kkr’s current offer, Vivendi’s position does not reflect the true value of Tim. In the wake of Vivendi’s announcement that it did not want to sell its stake (in this way the French group maintains a blocking minority at the shareholders’ meeting on extraordinary transactions), Tim’s shares turned negative in the stock market, losing 1.2%, to €0.445 and thus moving further away from the €0.505 which Krone says she is ready to pay it.

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Savona (Consup): For now, there is only an announcement

Consob President Paolo Savona also intervened in the Kkr-Tim process, confirming (during his speech at the conference about the first five years of the arbitrator’s work in financial disputes) that the offer had not yet been formalized: I read in the newspapers that we had not intervened in time in Various occasions, including the latest Tim-Kkr that has not yet been presented but only in an advertisement. We can only intervene when we are able to obtain the information and we have already intervened.