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MILAN: Bidders for Telecom Italia<\/a>'s (TIM<\/a>) landline grid are preparing to raise their offers of around 20 billion euros ($22 billion) by between 1 and 2 billion euros ahead of a Tuesday deadline, three sources close to the matter told Reuters.
The sale of Italy's main fixed telecoms network pits U.S. fund KKR, which is already an investor in TIM's grid, against Italian state lender CDP<\/a>, which has teamed up with infrastructure fund Macquarie<\/a>.
TIM is looking to sell its largest asset as CEO Pietro Labriola<\/a> seeks to restructure the group, whose debt is rated as \"junk\" and which faces a steady revenue decline in its hyper-competitive home market.
TIM, which needs money to cut debt and relaunch its remaining services business, has asked both bidders to improve their initial offers by Tuesday. TIM's board is due to examine the offers at a May 4 meeting.
CDP, which owns 10% of TIM, initially offered some 18 billion euros ($20 billion) including debt for the grid which it plans to combine with that of Open Fiber<\/a>, a rival fibre optic firm owned by CDP and Macquarie.
KKR bid 20 billion euros, including a 2 billion euro earn out, but both offers fall well short of a 31 billion euro price tag set by Vivendi<\/a>, TIM's single biggest investor.
Vivendi, which has a 24% stake in TIM but has relinquished its board seats to have a freer hand in negotiations, has been urging directors to only assess bids that value the grid fairly and to put any decision to a qualified shareholders' vote.
If TIM decided to leave the decision in the hands of its board a legal battle could ensue, the sources said.
Piling further pressure on the board and Labriola, Vivendi is also planning not to back TIM's remuneration policy at a general meeting on Thursday, sources have said.
TIM is counting on the sale to cut its 25 billion euro debts, which Labriola has said is key to developing its industrial and strategic options.
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米兰:竞购者意大利电信(蒂姆)固定网格准备提高提供约200亿欧元(220亿美元)的1 - 20亿欧元周二的最后期限前,三个知情消息人士对路透表示。
意大利的主要固定电信网络的销售坑美国基金KKR已一个投资者在蒂姆的网格,对意大利国家银行CDP与基础设施基金麦格理。
蒂姆正在寻求出售其最大资产担任CEOPietro Labriola寻求重组集团的债务被评为“垃圾”,面临激烈竞争的国内市场稳定的收入下降。
蒂姆,这需要钱来削减债务并重启其剩余服务业务,要求投标人提高他们最初由周二提供。蒂姆的董事会将检查在5月4日会议上提供。
CDP,拥有10%的蒂姆,最初提供约180亿欧元(200亿美元)的电网(包括债务计划的结合开放的纤维竞争对手光纤公司旗下的CDP和麦格理。
KKR出价200亿欧元,包括一个20亿欧元的收入,但同时提供远远低于设定的310亿欧元的价格标签维旺迪,蒂姆的最大投资者。
威望迪,蒂姆,但放弃其24%的股份董事会席位谈判中获得自由,一直敦促董事只评估投标,网格值相当,并把任何一个合格的股东投票的决定。
如果蒂姆决定离开的决定在董事会手中一场法律战可能接踵而来,消息人士说。
董事会和Labriola进一步承压,威望迪也计划不支持蒂姆的薪酬政策大会周四,消息人士说。
蒂姆正指望出售削减250亿欧元的债务,这Labriola表示是发展工业和战略选择的关键。
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