Henry Kravis, Pietro Labriola, Dario Scannapieco
Rete Tim, Kkr asks for the offer to be extended to 24 March
On the evening of yesterday 21 February, Tim’s board of directors received from the American fund Kkr an extension request of the non-binding offer. The deadline was set for March 1, but has been asked to postpone to March 24. In particular, as reported in a press release issued by Tim itself late yesterday evening, “the extension of the deadline is due to a request from the Government to have an additional four weeks to carry out a joint analysis of the public aspects of the operation concerning the powers that the Government can exercise in the sector. However, KKR confirmed its willingness to continue a constructive dialogue with Tim and to proceed with the due diligence activities”.
Let’s try to translate what was written by the ex-Telecom. The government’s request to stall is one way to achieve two important results. The first is to move Cassa Depositi e Prestiti. As anticipated by Affaritaliani.it, in fact, the danger of a relief by the Antitrust is very high: Cdp holds 60% of Open Fiber and there would therefore be the risk of having to sell some assets to allow for that competitive regime which is an integral part of European legislation and the founding basis of Pnrr.
Not for nothing, accredited rumors reported on February 10 to Affaritaliani.it that the solution could be a partnership between Kkr (in the majority) and Cdp (in the minority) in the network business. In this way there would have been no Antitrust relief and the Cassa, once the Americans had made their exit, could have found itself in a relative majority position similar to that of Terna. fiction finance? Not soand in fact in the Roman palaces this hypothesis is becoming more and more popular.
The government, for its part, has also taken the time to try to understand how willing the French are to go down Vivendi than the 31 billion network valuation. Arnaud De Puyfontaine, who had set the price at the time, has meanwhile resigned from the board of directors. And that’s not necessarily good news. Having your hands free, without any “risk”, allows the French to behave like pure investors. Interested, as it should be, exclusively in maximizing own 24% stake in the company.
Then there is the theme of the golden power: given that the web is a strategic infrastructure, how and in what way can the government assert its birthright, essentially guaranteeing control without having an absolute majority? And here we go back to the possible”tandem” Cdp-Kkr. Which will necessarily have to put an offer on the table that exceeds the current one – approximately 27 billion in total between cash and various investments. The goal is to finish the game quickly. Tim’s board of directors is confirmed for February 24, but it will inevitably be an interlocutory session. Unless the CDP board decides to make an offer the day before.
Another table will be needed, this time with an extra chair. In addition to the institutions, a Cdp Equity to Tim (with Vivendi), in fact, it will be necessary to provide a place for Kkr. What’s going to happen? Eventually, it is probable that a solution will be found and that the single network, led by the Americans and orchestrated by Cassa Depositi e Prestiti will become reality. But how much effort.
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