|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's range||0.0000 - 0.0000|
|Beta (5Y monthly)||1.07|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||21 Jun 2021|
|1y target est||N/A|
U.S. fund KKR and a rival consortium comprising state lender CDP and Australian fund Macquarie are readying to submit slightly improved bids for Telecom Italia's (TIM) network ahead of a June 9 deadline, sources said. Debt-crippled TIM is seeking improved offers for its most valuable asset after having assessed as not yet adequate the proposals received in May. KKR and the CDP-led consortium offered 21 billion euros($22.5 billion) and 19 billion euros, respectively, for TIM's domestic landline grid and its submarine unit Sparkle, sources have previously said.
Telecom Italia (TIM) is being urged by some directors to hold an extraordinary board meeting to name a candidate sponsored by top investor Vivendi to fill a vacant director seat at the former phone monopoly, two sources said on Saturday. Vivendi is currently at loggerheads with TIM's management over its plans to revamp Italy's biggest phone company's domestic business through the sale of its prized landline grid. Some TIM directors sent a letter on Friday to urge the company to call a meeting as early as next week to select Luciano Carta to fill a vacant seat on the board, the sources said.
Telecom Italia's top shareholder Vivendi has proposed Luciano Carta, a former chairman at Italian defence group Leonardo to fill a vacant seat on the former phone monopoly's board, two sources said on Wednesday. Vivendi is currently at loggerheads with Telecom Italia (TIM) management over its plans to revamp its domestic business through the sale of its prized landline grid. The seat has been vacant since January, when Vivendi CEO Arnaud de Puyfontaine quit the board asking for a new governance set-up.
(Bloomberg) -- Telecom Italia SpA fell on Tuesday following a Bloomberg report that Italy’s state lender will drop its offer for the carrier’s landline network, ending a bidding war with KKR & Co. Most Read from BloombergA 32-Year-Old Nears Billionaire Status by Using AI to Broker Japan MergersChicago’s Empty Office Towers Threaten Its Future as a Major Financial HubTurkey Latest: Erdogan Says Unclear If Vote Will Go to RunoffGoogle Billionaire Sergey Brin Gifts $600 Million in Surging SharesTur
MILAN (Reuters) -Australian fund Macquarie is raising legal hurdles over a plan backed by Italy's Treasury for state lender CDP to join forces with U.S. fund KKR to buy Telecom Italia's (TIM) landline grid, three sources said. TIM directors have set a final deadline of June 9 for potential improved offers by the U.S. private equity firm and a rival consortium comprising CDP and Macquarie, worth 21 billion euros and 19.3 billion euros respectively. TIM has deemed both not yet adequate.
The head of Telecom Italia (TIM) said the company's service business is "already sustainable" as a standalone entity and is expected to generate strong core profit this year. Chief Executive Pietro Labriola on Thursday asserted that TIM had a viable future should he manage to complete the sale of its domestic landline grid, its most prized asset. Those efforts to do a deal have been thwarted so far by valuation issues, with top investor Vivendi wanting a higher price and also calling into question the sustainability of the remaining business.
MILAN (Reuters) -Telecom Italia (TIM) said on Wednesday its core profit rose by 3.8% year-on-year in the first quarter, thanks to strong growth from its Brazilian unit and stable domestic revenues, but debt rose. Italy's biggest telecoms company said group core earnings before interest, tax, depreciation, amortisation (EBITDA) on a like-for-like basis stood at 1.46 billion euros ($1.6 billion)in the three months ending March. TIM confirmed its financial targets for the year, including a stabilisation of service revenue and of core earnings at domestic level.
Telecom Italia (TIM) said on Tuesday it had expanded a power purchase agreement (PPA) with Italian renewables group ERG as part of Italy's biggest phone company's efforts to shift to green energy. TIM said the new nine-year contract will integrate an existing agreement to add 200 gigawatt hours of electricity annually, entirely produced by ERG's renewable plants. On the back of the new contract, TIM's power purchase agreements of renewable energy will cover some 34% of company's energy purchases in Italy, TIM said.
ROME (Reuters) -Italy's Treasury is ready to back a joint purchase proposal for Telecom Italia's (TIM) grid by KKR and state lender CDP in a bid to end a stalemate over the sale process of the phone group's prized asset, sources told Reuters. TIM directors on Thursday set a final deadline of June 9 for potential improved offers by the U.S. private equity firm and a rival consortium comprising CDP and Australian fund Macquarie, worth 21 billion euros ($23.1 billion) and 19.3 billion euros respectively. In recent talks with involved parties, the Treasury said it would welcome a joint bid for TIM's grid, two sources familiar with the matter told Reuters on Friday.
MILAN (Reuters) -Shares in Telecom Italia (TIM) rose as much as 4% on Friday as the board of the phone group set a final deadline of June 9 for improved offers for its prized landline grid. TIM directors met on Thursday to draw up a response to rival approaches for the grid from KKR and a consortium of state lender CDP and fund Macquarie, worth 21 billion euros ($23 billion) and 19.3 billion euros, respectively. After the board meeting, TIM said the were bids "not yet adequate", adding at least one of the bidders had expressed its readiness to improve its non-binding offer.
Telecom Italia (TIM) said on Thursday it was unhappy with sweetened bids submitted by suitors for its fixed network, and set a final deadline of June 9 to receive an improved offer from at least one of the bidders. TIM directors gathered on Thursday to draw a response to rival non binding approaches for its landline grid by KKR and a consortium comprising state lender CDP and fund Macquarie, worth 21 billion euros ($23 billion) and 19.3 billion euros, respectively. In a statement after the board meeting, TIM said it deemed the bids "not yet adequate", adding at least one of the bidders had expressed its readiness to improve its non-binding offer.
Telecom Italia (TIM) directors will meet on Thursday to decide their response to multibillion bids for the phone company's landline grid as top investor Vivendi calls into question the group's strategy. The sale of TIM's fixed network and its submarine cable unit Sparkle is the focus of CEO Pietro Labriola's plan to slash the company's 25 billion euros ($27.6 billion) of debt and revive the former phone monopoly's struggling domestic business. Rival suitors KKR and a consortium comprising Italian state lender CDP and Macquarie have offered 21 billion euros and 19.3 billion euros respectively, sources have previously said, each raising initial bids by 1 billion euros.
MILAN (Reuters) -Telecom Italia (TIM)'s CEO Pietro Labriola is expected to propose to directors to seek further improvements of multi-billion bids for the company's landline grid at a board meeting on May 4, two sources familiar with the matter said on Friday. The sale of TIM's landline grid and submarine cable unit Sparkle is a key plank of Labriola's s plan to slash the group's 25 billion euro ($27.6 billion) debt and revive the former phone monopoly's domestic business, under pressure for years due to stiff price competition. Both bids did not come close to the 31 billion euros requested for the asset by TIM's top investor Vivendi, and also fell short of TIM's expectations, sources have said.
MILAN (Reuters) -Vivendi, the top investor in Telecom Italia (TIM) , on Thursday stepped up pressure on CEO Pietro Labriola after shareholders in the phone group rejected its remuneration policy. A person close to the French media group said the vote over TIM's pay policy was a clear sign of opposition to Labriola's strategy, adding a change of step as well as a different governance set-up were needed. Vivendi has been on the warpath over Labriola's plans to sell TIM's main asset, its landline grid, to strive to turn around the group by reducing its large debt and focusing on its services business.
Telecom Italia's top investor Vivendi has criticised the mechanism to award salary bonus payments for the chief executive and the top management of Italy's biggest phone group, two sources familiar with the matter said on Friday. France's Vivendi, which owns a 24% stake in Telecom Italia, is piling pressure on the company's directors and CEO over an ongoing process to sell its landline grid. The sale of the grid, Telecom Italia's most valuable asset, is a key part of CEO Pietro Labriola's strategy for turning around the former phone monopoly and slashing its debts.
Dogged by stiff price competition in its domestic market, TIM is seeking to restructure its operations selling its most prized asset - the landline grid - and cut its 25 billion euro debt pile. In January, TIM had sold 850 million euros of the 2028 bond, which carries a 6.875% coupon at par, drawing more than 2.5 billion euros in demand in its first foray into the debt market after two years. The latest bond sale, announced late on Monday, come after recent market turmoil triggered by the troubles of U.S. lenders Silicon Valley Bank and Signature Bank pushed up euro zone bond yields, prompting many issuers to steer clear of markets.
Suitors for Telecom Italia's network are studying potential improvements to their rival multi-billion euro bids for the former phone monopoly's grid after they received additional information on the asset, sources said on Tuesday. The sale of the grid is a key plank of CEO Pietro Labriola's plan to revamp Telecom Italia (TIM) and cut its debt pile of 25 billion euros ($27.1 billion). The TIM board this month mandated Labriola to start a formal bidding process and seek improved offers from Italian state lender CDP and Macquarie, as well as from rival suitor KKR by April 18.
MILAN (Reuters) -Telecom Italia (TIM) on Wednesday said a preliminary offer for its landline grid by Italian state lender CDP and Macquarie undervalues the asset, and set a new deadline of next month for improved bids. After a board meeting, TIM said it would seek a new round of proposals from CDP and Macquarie, as well as from rival suitor KKR by April 18. "In order to enable both the (CDP/Macquarie) consortium and KKR to submit their improved offer..., the board mandated Chief Executive Officer, Pietro Labriola, to initiate a structured process", TIM said.
PARIS (Reuters) -The rival bids for the network of Telecom Italia (TIM) are too low, the chief executive of leading TIM shareholder Vivendi said on Wednesday. Italian state lender CDP has teamed up with Macquarie for a non-binding offer for the fixed-line network of the former Italian phone monopoly, rivalling an approach made by KKR. "The offers made as of today, as far as I understand them, are far below the real value, and the real value of this beautiful company of Telecom Italia," Vivendi CEO Arnaud de Puyfontaine told reporters.
French media group Vivendi hit antitrust hurdles in its quest to take over media group Lagardere, its chief executive said on Wednesday, as the company has a week to convince the European Commission over its proposed remedies. Hachette, the world's third-biggest publishing group, currently owned by Lagardere, is key to the planned tie-up. The prospect of seeing Hachette merged with Vivendi's publishing division Editis triggered criticism from independent publishers and the loss of some well-known authors from Editis.
MILAN (Reuters) -Telecom Italia (TIM) will on Friday conduct an initial review of an offer for its network grid led by Italian state lender CDP, with the bid drawing a cool reception from top investor Vivendi. CDP has teamed up with Australian infrastructure fund Macquarie to bid for Italy's most important piece of telecommunications infrastructure, rivalling U.S. fund KKR . CDP and Macquarie are targeting the whole of a venture including TIM's fixed access network and submarine cable unit Sparkle.
MILAN (Reuters) -Telecom Italia (TIM) shares rose as much as 5% on Monday after Italian state investor CDP and Australian fund Macquarie submitted a joint bid for the former phone monopoly's grid, rivalling an approach by U.S. firm KKR. TIM is betting on a sale of its most prized asset to cut its 25 billion euros debt pile and fund an overhaul of the revenue-starved group. Both offers value TIM's grid, which is Italy's main piece of telecoms infrastructure, in the region of 18 billion euros ($19.2 billion), sources familiar with the matter said.
(Reuters) -European shares bid farewell to their initial momentum on Monday after European Central Bank officials backed the need for more interest rate hikes, while investors assessed the lower-than-expected rebound in Euro zone January retail sales. The STOXX 600 index was flat, after last week clocking its best week since the beginning of the year. Chief Economist Philip Lane indicated more rate hikes from the ECB in coming months even amid signs of easing price pressures, while a report showed Austrian central bank Chief Robert Holzmann sees the need for 50-basis-point hikes at the central bank's next four meetings.
MILAN (Reuters) -Italian state investor CDP has called a board meeting on Sunday which is expected to approve a long-delayed non-binding offer for the fixed network of former phone monopoly Telecom Italia, three sources close to the matter said. CDP has teamed up with Australian infrastructure fund Macquarie in the offer for Italy's most important telecommunications infrastructure, which would compete with one submitted by U.S. investment firm KKR. In recent weeks, sources have told Reuters that CDP and Macquarie were ready to value TIM's grid at around 18 billion euros ($19 billion), including some 6 billion euros of debt.
Acceptance of the bid by CDP and Australia's Macquarie could be announced this month, the report said, adding that a final determination hasn't been made. The news comes after TIM said last month an offer for its network grid tabled by U.S fund KKR & Co Inc "does not wholly reflect the value of the asset". TIM said its objective was to facilitate an improved offer by the end of March.