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MILAN: Shares in Telecom Italia<\/a> (TIM<\/a>) rose as much as 30% on Monday, after U.S. fund KKR<\/a> presented a non-binding proposal to buy Italy's former phone monopoly valuing it at 10.8 billion euros ($12 billion).
The size of the move triggered the suspension of trading of shares in Italy's biggest phone group, which has a major role in efforts to expand broadband connectivity across the nation.
KKR's offer, which is conditional on the government's backing and the outcome of a four-week due diligence analysis, gives Telecom Italia (TIM), with its net debt of 22.5 billion euros, an enterprise value of 33 billion euros.
TIM said on Sunday KKR had termed as \"friendly\" its offer of 50.5 euro cents per TIM share, a 45.7% premium to the closing price of the group's ordinary stock on Friday.
The price, which TIM said was \"indicative\", would expose the company's top investor Vivendi to a steep loss on its 24% stake, for which it spent on average 1.07 euros per share.
A person close to the French media group told Reuters Vivendi believed KKR's offer did not adequately value TIM.
TIM's board did not give a view on the proposal.
KKR's offer comes amid turmoil at TIM, which has issued two profit warnings in three months, prompting Vivendi to push to replace Chief Executive Luigi Gubitosi.
Having failed to stem TIM's revenue decline, Gubitosi has looked at options to squeeze money from the group's assets, including the most prized one - the fixed line network, which the government deems strategic.
Italy's Treasury said on Sunday the decision on whether to use special government powers to block unwanted foreign interest on strategic companies would hinge on plans for the network.
BROADBAND ROLLOUT<\/strong>
Rome is preparing to deploy billions of euros of European Union recovery funds to support ultra-fast broadband rollout across Italy, which ranks low for digital connectivity in the EU.
The government wants to make sure that any plans for TIM's network are in line with Italy's broadband goals, providing the necessary investments and protecting jobs.
TIM's 42,500 staff in Italy have been a concern for the government, together with the group's junk-rated debt pile which has hampered investments needed to upgrade the network.
KKR wants to take TIM private, which analysts say would make a restructuring easier.
The New York-based private equity firm would carve out TIM's assets, including the fixed line which would be run as a government-regulated asset along the model of power grid Terna or gas grid Snam, sources have said.
KKR is already an investor in TIM's network following an 1.8 billion euro deal struck with Gubitosi last year to acquire a 37.5% stake in FiberCop<\/a>, the unit holding TIM's so-called \"last mile\" network running from the street to people's homes.
\"The path towards a formal offer may not be certain, nor fast - but we think the offer is articulate and credible and should trigger reactions from the relevant stakeholders and counterparts,\" HSBC<\/a> said in a research note, upgrading the stock to 'buy'.
Rival private equity firms CVC and Advent, which also had been studying plans for TIM advised by its former CEO Marco Patuano, on Sunday said they remained open to working on a solution to strengthen TIM.
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意大利电信的股票飙升后,KKR的方法
意大利电信(TIM)的股票周一上涨了30%,在美国基金KKR递交了一份不具约束力的建议购买意大利前电话垄断价值108亿欧元(120亿美元)。
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米兰:股票意大利电信(蒂姆周一)上涨了30%,在美国基金KKR提交了一份不具约束力的建议购买意大利前电话垄断价值108亿欧元(合120亿美元)。
的大小,此举引发了暂停交易的股票在意大利最大的手机集团,它有一个重要的角色在努力扩大宽带连接全国各地。
KKR的提议,这是有条件的对政府的支持和四周的尽职调查的结果分析,给出了意大利电信(TIM)的净负债225亿欧元,330亿欧元的企业价值。
蒂姆周日表示,KKR已称为“友好”的报价50.5欧分每蒂姆•分享的收盘价有45.7%的溢价周五集团的普通股。
蒂姆的价格,说的是“指示性”,将使公司的顶级投资者威望迪大幅亏损24%的股份,它花费平均每股1.07欧元。
法国媒体集团一位知情人士告诉路透威望迪相信蒂姆KKR的提供不充分的价值。
蒂姆的董事会没有给一个视图的提议。
KKR的提议在蒂姆动荡之际,三个月两次发布利润预警,促使威望迪将取代Luigi Gubitosi首席执行官。
未能阻止蒂姆的收入下降,Gubitosi有看着选择紧缩货币集团的资产,包括最珍贵的——固定线路网络,政府认为战略。
意大利财政部周日表示,决定是否使用特殊的政府权力阻止不必要的外国公司利息战略将取决于网络的计划。
宽带推出
罗马正准备部署数十亿欧元的欧盟经济复苏基金支持超高速宽带推出在意大利,排名较低的数字连接在欧盟。
政府希望确保任何蒂姆的网络计划符合意大利的宽带目标,提供必要的投资和保护工作。
蒂姆的42500名员工在意大利是一个关心政府,一起组织的垃圾债务已阻碍了投资需要升级网络。
KKR蒂姆想要私人的,分析家称这将使重组变得更加容易。
纽约私人股本公司将开拓蒂姆的资产,包括固定线将作为政府的资产在模型运行的电网Terna或气体网格Snam,消息人士说。
KKR已经一个投资者在蒂姆的网络后,一个18亿欧元的协议与去年Gubitosi收购37.5%的股份FiberCop,单位持有蒂姆的所谓的“最后一英里”网络运行从街上人们的家园。
“朝着一个正式的报价可能不是肯定的,也快,但我们认为提供清晰和可信的,应该引发相关的利益相关者和同行的激烈反应,”汇丰银行在一份研究报告中称,升级股票“买入”。
竞争对手私人股本公司CVC和出现,也有研究计划,由其前任首席执行官蒂姆建议Marco Patuano周日表示,他们仍然开放,致力于解决加强蒂姆。
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