MILAN : Telecom Italia said on Sunday it had received a 10.8 billion euros approach from U.S. fund KKR aimed at taking Italy's biggest phone group private.
The TIM board, chaired by former Bank of Italy official Salvatore Rossi, met for several hours on Sunday afternoon but in a short statement it gave no indication of whether it would support the approach. It noted that KKR had termed its action as"friendly" and aimed at winning the backing of the company.
TIM's fixed line business is its most prized asset and is deemed strategic by Rome which can block any unwanted moves. KKR's plan would see TIM carve out its fixed network to be run as a government-regulated asset along the model used by energy grid company Terna or gas grid firm Snam, two sources close to the matter said earlier on Sunday.
A spokesperson for Vivendi said the French media group remained ready to work alongside Italy's authorities and institutions for TIM's long-term success.However, ceding control increasingly appears as the only way to overcome political and regulatory opposition to the single network plan.To oversee a strategic asset such as TIM's fixed line, state investor CDP has taken a 9.8per cent stake becoming the group's second-largest investor after Vivendi.
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