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

Tuesday, January 11, 2022
KKR's bid target TIM close to decision on new CEO, sources say © 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 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 five 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.

"Labriola is a plug-and-play solution and I don't see any concrete rival to him," said a senior manager at Telecom Italia (MI:TLIT).

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 in what would mark a major step towards 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.

French media group Vivendi, which owns 24% of TIM, has said KKR's offer does not properly reflect the value of the company.

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 rekindle a stalled project to merge its network with that of fibre optic rival Open Fiber, which is 60% owned by CDP itself.

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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16-01-2022 22:26:48 (UTC+7)

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 EUR/USD1.1416Sell
 GBP/USD1.3677↑ Buy
 USD/JPY114.44↑ Buy
 AUD/USD0.7209Sell
 USD/CAD1.2542Neutral
 EUR/JPY130.65↑ Buy
 EUR/CHF1.0443Buy
 Gold1,818.00↑ Buy
 Silver22.957↑ Buy
 Copper4.4210Sell
 Crude Oil WTI83.50↑ Sell
 Brent Oil86.16↑ Sell
 Natural Gas4.336↑ Sell
 US Coffee C239.65↑ Buy
 Euro Stoxx 504,272.19Buy
 S&P 5004,662.85↑ Buy
 DAX15,883.24↑ Buy
 FTSE 1007,542.95Sell
 Hang Seng24,203.87Sell
 Small Cap 20002,161.48↑ Buy
 IBEX 358,806.60↑ Buy
 BASF68.110Sell
 Bayer52.59↑ Sell
 Allianz227.00↑ Sell
 Adidas252.35Buy
 Lufthansa7.241↑ Buy
 Siemens AG145.86Neutral
 Deutsche Bank AG11.954Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,130/ 6,170
(10/ 10) # 1,164
SJC HCM6,115/ 6,175
(15/ 5) # 1,169
SJC Hanoi6,115/ 6,177
(15/ 5) # 1,171
SJC Danang6,115/ 6,177
(15/ 5) # 1,171
SJC Nhatrang6,115/ 6,177
(15/ 5) # 1,171
SJC Cantho6,115/ 6,177
(15/ 5) # 1,171
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Sản phẩmVùng 1Vùng 2
RON 95-IV2400024480
RON 95-II,III2390024370
E5 RON 92-II2291023360
DO 0.05S1838018740
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Dầu hỏa1719017530
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WTI$83.48+0.360.43%
Brent$85.62+0.420.49%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.540,0022.850,00
EUR25.234,8826.649,42
GBP30.246,4531.537,99
JPY192,66203,94
KRW16,5020,10
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