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KKR's bid target TIM close to decision on new CEO - sources

Tuesday, January 11, 2022
KKR's bid target TIM close to decision on new CEO - sources © Reuters. FILE PHOTO: Telecom Italia's logo is seen at the headquarters in Rozzano neighbourhood of Milan, Italy, May 25, 2016. REUTERS/Stefano Rellandin

By Elvira Pollina

MILAN (Reuters) -Telecom Italia (TIM) is moving closer to appointing a new chief executive, with General Manager Pietro Labriola tipped as the frontrunner, four sources familiar with the matter said on Tuesday.

TIM, which faces a 10.8 billion euro ($12.24 billion) takeover approach from U.S. private equity investor KKR, has been without a CEO since November when Luigi Gubitosi stepped down following a string of profit warnings.

TIM Chairman Salvatore Rossi has called a board meeting on Jan. 21 to appoint a new CEO after a group of directors, including representatives of TIM's top investor Vivendi (OTC:VIVHY), asked him to speed up the process, one of the sources said.

Labriola, a veteran TIM executive and the current CEO of TIM's Brazilian operations, is drawing up a new three-year business plan to relaunch the group as a standalone business.

Debt-laden TIM has been under pressure for years due to fierce price competition in its domestic market. Its strained finances hamper investments to upgrade its network in line with Italy's digital plans.

The business plan includes a possible spin-off of TIM's assets, including its prized fixed network infrastructure, sources have previously said.

Labriola, who has the backing of Vivendi, is set to present an outline of the plan to directors on January 18. This could help him to bolster his chances of being made CEO, including by winning over TIM's second biggest shareholder, state lender CDP, and independent board members.

Labriola's plan, which will provide a benchmark to measure TIM's value, is a key element for TIM's response to KKR's proposal, which is conditional on backing by TIM's board and Italy's government.

Vivendi has said KKR's offer does not adequately value TIM.

Mediobanca (OTC:MDIBY) and Vitale&Co are working with TIM on the business plan. Goldman Sachs (NYSE:GS) and LionTree are helping TIM to study KKR's bid and possible alternatives.

CDP recently renewed a call for TIM to merge its network with that of fibre optic rival Open Fiber, which is 60% owned by CDP itself, as envisaged by a project that has stalled under the current government.

Vivendi has said it is open to handing control of TIM's fixed network to the Italian state as part of a project led by Italian institutions, in a sign it may be interested in pursuing an alternative plan to KKR's.

KKR's proposal also entails the separation of TIM's network assets whose oversight would be entrusted to CDP.

($1 = 0.8824 euros)

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27-01-2022 04:28:23 (UTC+7)

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 EUR/USD1.1199↑ Buy
 GBP/USD1.3424↑ Buy
 USD/JPY114.99Sell
 AUD/USD0.7088↑ Buy
 USD/CAD1.2680↑ Sell
 EUR/JPY128.77Neutral
 EUR/CHF1.0378Neutral
 Gold1,814.20↑ Buy
 Silver23.315↑ Buy
 Copper4.4692Buy
 Crude Oil WTI87.17Buy
 Brent Oil88.50↑ Buy
 Natural Gas4.100↑ Buy
 US Coffee C236.43↑ Sell
 Euro Stoxx 504,140.65↑ Buy
 S&P 5004,349.93↑ Buy
 DAX15,354.39↑ Buy
 FTSE 1007,482.78↑ Buy
 Hang Seng23,807.00↑ Buy
 Small Cap 20001,971.72Neutral
 IBEX 358,645.20↑ Buy
 BASF68.105↑ Buy
 Bayer52.04Neutral
 Allianz225.68Neutral
 Adidas241.75Buy
 Lufthansa7.046↑ Buy
 Siemens AG138.89↑ Buy
 Deutsche Bank AG11.852Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,195/ 6,235
(5/ -5) # 1,256
SJC HCM6,195/ 6,255
(15/ 10) # 1,274
SJC Hanoi6,195/ 6,257
(15/ 10) # 1,276
SJC Danang6,195/ 6,257
(15/ 10) # 1,276
SJC Nhatrang6,195/ 6,257
(15/ 10) # 1,276
SJC Cantho6,195/ 6,257
(15/ 10) # 1,276
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ↀ Giá vàng thế giới
$1,814.02-8.14-0.45%
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ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
DO 0,001S-V1925019630
Dầu hỏa1779018140
ↂ Giá dầu thô thế giới
WTI$86.60+0.290.33%
Brent$88.40+0.130.14%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.470,0022.780,00
EUR24.775,4326.164,36
GBP29.663,4530.930,27
JPY191,46202,68
KRW16,2819,84
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