Tim, CEO Luigi Gubitosi ready to step back to facilitate the offer of the Kkr fund

The Chief Executive Officer of Telecom Italia Luigi Gubitosi he would be willing to offer his resignation to speed up the takeover bid announced last weekend by the US fund Kkr. The offer is not binding and subject to the outcome of the analysis of the financial statements of the telecommunications group that will be conducted by Kkr. Gubitosi’s willingness to step back is written in a letter to the councilors. Gubitosi wrote that he is ready to resign if this will speed up the bid evaluation process. The manager urged Tim’s board of directors to act quickly.

A board of directors of the group is scheduled for tomorrow. The French majority shareholder Vivendi, who controls 24% of Tim, has stated in recent days that he does not intend to sell his stake at the price proposed by Kkr (0.5 euros per share). Vivendi has been pressing for the replacement of Gubitosi for some time, deeming the results disappointing. In tomorrow’s council he could look for the shoulder in concert with other partners.

The Board of Directors met in the morning Cassa Depositi e Prestiti, Tim’s second shareholder with 9.8%. Regarding equity investments “We will remain stable shareholders in support of the country’s infrastructure or strategic assets” said the CEO of Cdp Dario Scannapieco. As for non-strategic assets, he added, “you enter, you help, but once you reach the goal you leave”.

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