Rumors about Kkr’s due diligence response that won’t arrive before March trigger sales
Opa Kkr yes, Opa Kkr no. And in the meantime Exane reviews downward the judgment on Tim a “underperform“. Black shirt for the telephone company controlled by Vivendi and yes Cdp to Piazza Affari where the strong sensitivity of the stock to any indiscretion relating to the reorganization triggered in the autumn by the expression of interest of the fund is confirmed new Yorker Kkr and from the change to the operational leadership of the telecommunications group. The prices fell by 3.12% at the end of the day and are the most penalized by the Ftse Mib returning under 44 cents.
According to press leaks of the weekend the answer of the board of Tim at the request of the due diligence from Kkr, which submitted its expression of interest last November, will not arrive before March 2
I rumors circulated in weekend they mainly focus on plan being studied by Cdp for the separation of main activities and they seem to indicate long times for the evaluation of the offer of Kkr. As reported by Republic, the Cassa Depositi e Prestiti intends to guide the path towards the separation of infrastructure and services into two separate companies seeking the support of Vivendi e not aiming at the delisting by Tim from the Stock Exchange. A scenario that then would reduce the chance in Kkr or other investment funds to lead the new era of Tim starting from a public offer on the market.
Cdp would then aim to focus its efforts on infrastructure by combining it with Open Fiber and would come out of business of the services in order to facilitate the green light from the EU Antitrust the creation of a single network operator.
“This hypothesis, from a purely financial-corporate profile, would lend itself to favoring a re-composition of the two shareholders, with the French, today owners of the relative majority stake of 23.9%, which would focus on the service society, and the Cdp, which holds just under 10% of ordinary capital, which it could confer its 60% stake in Open Fiber, strengthening itself in the infrastructural society – he wrote The sun 24 hours – This scenario, however, on the one hand, still requires at least two or three weeks of further analysis from the business side because it is necessary to deepen, in particular, the relapses on the employment level, on the debt sharing and on the composition of revenues“.
Already tomorrow in the board of directors the general manager of Tim Pietro Labriola should present the guidelines of the plan. Second The sun 24 hours, on the other hand, the evaluation on the board of the Kkr proposal that had requested access to one would be postponed to the beginning of March due diligence to be able to define a binding offer.
The painting does not like the broker following the title. “Continuing to postpone the decision on the Kkr request could further increase uncertainties and give negative signals to the market and investors”, they wrote from Bestinver In the report daily on Italy. Analysts reiterate that “it is essential to develop a plan quickly as the synergies generated by the possible merger (or internal split of the group) could be less relevant in the coming years”. Exane, on the other hand, it has revised its assessment downwards Tim a “underperform“.
Meanwhile, according to reports from the agency Radiocor, tomorrow Labriola will present to the directors in an informal meeting various scenarios for Tim’s future business plan. The assumptions are based on the separation of network and services and the possibility of separating, in addition to the two companies, is not excluded Netco e ServiceCo, other assets. Tomorrow’s informal meeting precedes the board of directors set for 21 when Labriola should be appointed CEO. Furthermore, on January 25, Labriola should meet the trade unions, while another Tim board of directors is scheduled for January 26; finally, the new industrial plan is officially awaited on 2 March.
