The French media conglomerate owns 24% stake in TIM
Bloomberg reports that Telecom Italia’s (TIM) largest stakeholder, Vivendi, wants shareholders to vote on whether the US private equity firm, KKR, should be allowed to acquire its fixed infrastructure.
KKR recently submitted a binding bid for the netco, requesting more time to consider the situation regarding TIM’s international infrastructure firm, Sparkle.
Different values
The bid is believed to be in the region of €23 billion. Vivendi has consistently argued that this undervalues the assets which it insists are worth more than €30 billion. Now it wants the opportunity to get other shareholders to help it oppose the current offer, rather than leaving the decision to the hands of TIM’s board of directors.
After many years of boardroom turmoil, TIM has been trying to execute its strategy of selling off its fixed networks for almost two years to raise capital and pay off its enormous debts, which stands at about €26 billion.