Tim flies to the stock market, but Vivendi rejects Kkr's offer
Stock of the telecommunication company gained over 30%
Tim flies to the stock market, closing up by 30.25%, in the first session after Kkr's non-binding interest in launching a 100% takeover bid (takeover bid) on the telecommunications company.
Piazza Affari trusts the American fund, which will initiate a four-week due diligence and expects to have the "approval of the relevant institutional subjects", ie the go-ahead from the government, to formalize the offer.
At the end of yesterday's session, each ordinary share jumped to € 0.451, while Kkr offers € 0.505.
Elements of market confidence which, however, are not enough for Vivendi, the largest shareholder with 23.75% at an average book price of one euro: "Kkr's offer does not reflect Tim's real value, it is insufficient", he says the French group.
The unions also said they were worried about the fate of the company.
Meanwhile, the working group appointed by the government to deal with the dossier and composed of the Minister of Economy Daniele Franco, together with the Minister of Innovation and Technological Transition Vittorio Colao and that of Economic Development Giancarlo Giorgetti, with the undersecretary to the presidency of the council Roberto Garofoli and some experts could meet as early as this week. Their task will be to analyze the cards and choose whether to use the "Golden Power", a series of rules that give States special powers to intervene in the event of transactions involving the sectors of security, national defense, energy, of transport and telecommunications.
Confindustria appreciates the sensitivity of the executive on the issue: "We obviously do not enter into any judgment, as" Tim "is a listed company, but we appreciate the sensitivity with which the government is paying close attention to the dossier because we are talking about a strategic sector for the country ", declared the president Carlo Bonomi.
Now the floor goes to the Board of Directors which will meet on November 26, convened at the request of Vivendi's representatives, who asked to discuss not only the case, but also the governance and the deterioration of the company accounts after the rating cut by Standard & Poor's.
(Unioneonline / F)
