Any agreement would need the OK of the Italian government.
TIM in a statement issued this week says its board of directors met and “acknowledged” the fund’s interest in launching a possible public tender. The due diligence process is expected to take four weeks.
Although TIM is a private company quoted on the stock exchange, because it is considered a strategic asset for Italy, the Italian government can exercise its so-called “golden power” option to oppose any acquisition it considers wouldn’t be in the public’s interest.
TIM’s statement said its board “acknowledged the intention” of Kohlberg Kravis Roberts & Co. L.P., to date qualified as “non-binding and indicative.” TIM said that among conditions is a “minimum level of acceptance of 51%” for both ordinary and savings shares.
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