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ROME, Nov 21 (Reuters) - Italy is considering candidates to take the helm of state lender Cassa Depositi e Prestiti (CDP), three sources close to the matter told Reuters, as part of a wider shake-up of state-controlled companies. State-backed investor CDP, founded 173 years ago, plays a key role in keeping strategic assets in national hands. Asked to comment on a change of CEO at CDP, Meloni's office said any rumours of a replacement for Scannapieco were unfounded. Rome is expected to decide on the top management of CDP in March at the latest, immediately after the approval of this year's CDP financial accounts, the sources said. The state lender invests savings made by Italians through the national post office network Poste Italiane.

Persons: Dario Scannapieco, Fincantieri, Giorgia, Scannapieco, Antonino Turicchi, Stefano Donnarumma, Mario Draghi, Elvira Pollina, Susan Fenton Organizations: Eni, ITA Airways, European Investment Bank, Telecom Italia's, Thomson Locations: Italy, State, Rome, EU, Milan

☆ TIM grid sale paves way for state-controlled network operator - minister
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

The Tim logo is seen at its headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nardi/File Photo Acquire Licensing RightsROME, Nov 14 (Reuters) - Telecom Italia's (TIM) (TLIT.MI) planned sale of its fixed-line network to U.S. fund KKR (KKR.N) boosts the prospects of creating a national grid operator under state control, Italy's industry minister said on Tuesday. "Prospectively, I think this [the deal] will enhance the creation of a national grid operator under public control, in full respect of the EU competition law," Minister Adolfo Urso said during an event in Rome. The 19-billion-euro deal ($20.4 billion) is backed by the administration of Prime Minister Giorgia Meloni, which authorised the Treasury to spend up to 2.2 billion euros to take a 20% stake in the network. ($1 = 0.9330 euros)Reporting by Elvira Pollina, editing Federico MaccioniOur Standards: The Thomson Reuters Trust Principles.

Persons: Yara, Adolfo Urso, Giorgia Meloni, Elvira Pollina, Federico Maccioni Organizations: REUTERS, Rights, Telecom, KKR, Treasury, Thomson Locations: Rome, Italy

☆ Telecom Italia CEO defends grid deal as top investor threatens legal challenge
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. CEO Pietro Labriola's comments follow criticism from top shareholder Vivendi (VIV.PA), which has threatened a legal challenge to the plan to sell the grid, saying it considered the decision to proceed without a shareholder vote as "unlawful". "It is not possible under the Italian law to transfer such competence to the shareholders," the CEO added. According to Vivendi, the sale required an extraordinary shareholder vote because it would change TIM's corporate purpose and therefore required a change to the company bylaws. Labriola said the deal is "no more than the strict execution of the delayering (business) plan" unanimously approved in 2022.

Persons: Dado Ruvic, Pietro Labriola's, Labriola, Agostino Nuzzolo, Elvira Pollina, Giulia Segreti, Jan Harvey Organizations: Telecom Italia, REUTERS, Rights, Telecom, KKR, Vivendi, TIM, Thomson Locations: Milan

☆ Stock Market Today: Futures Edge Up to Start the Week
▼ + stars: | 2023-11-06 | by ( ) www.wsj.com time to read: +1 min

Stock futures crept higher early Monday, with investors eyeing bond yields for signals on whether a recent rally in equities can continue. Friday’s weaker-than-expected jobs report propelled the S&P 500 up 0.9% and helped the index notch its best weekly performance in about a year. In recent market action:Index futures nudged higher. Contracts linked to the S&P 500, Nasdaq-100 and the Dow industrials inched up by about 0.1% to 0.2%. Treasury yields rose slightly.

Persons: Tesla, Stocks, Brent Organizations: Nasdaq, Dow, KKR, Telecom Italia's, Telecom Italia Locations: Asia, Milan, Saudi Arabia, Russia

☆ Explainer: What's at stake in Telecom Italia grid deal?
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +3 min

TIM is selling NetCo, a venture comprising both TIM's domestic fixed-access network and international wholesale telecoms operator Sparkle. TIM's landline network covers nearly 89% of the country's households and its fibre cable stretches over 23 million kilometres across the country. Beyond TIM's grid, a second major network is being rolled out by Open Fiber, a company controlled by CDP and Australian investment group Macquarie. There had long been talks of trying to combine TIM's network with Open Fiber but competition concerns have hampered such a deal so far. With its 24% voting stake, Vivendi could throw a spanner in the works at any TIM shareholder meeting to vote on a deal or challenge it in the courts.

Persons: Yara, Pietro Labriola's, Giorgia, Elvira Pollina, Keith Weir, Anil D'Silva Organizations: REUTERS, KKR, Italian Treasury, Telecom Italia's, TIM, WHO, Vivendi, Treasury, Trade, Macquarie, Thomson Locations: Rome, Italy

A guest speaks on a mobile phone as she arrives for the French telecoms operator Iliad's media conference in Milan, Italy, May 29, 2018. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsAug 30 (Reuters) - French telecom provider Iliad reported a more than 4% rise in half-year core profit on Wednesday, supported by gains across markets and the expansion of its activities in Italy. Telecommunications companies across Europe have been hit by rising energy prices, infrastructure costs to deploy fibre and 5G coverage, and a slowdown in subscriber growth. The group remains on the lookout for potential acquisitions in Italy after its 2022 Vodafone bid was rejected, he said. ($1 = 0.9204 euros)Reporting by Stéphanie Hamel and Victor Goury-Laffont in Gdansk; Editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

Persons: Stefano Rellandini, Thomas Raynaud, Raynaud, Stéphanie Hamel, Victor Goury, Milla Nissi Organizations: REUTERS, French, Orange, Telecommunications, Free Mobile, U.S, Telecom Italia's, Vodafone, Thomson Locations: Milan, Italy, France, Poland, Europe, Laffont, Gdansk

☆ Italy set to take over Telecom Italia's submarine cable unit -draft
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMILAN, Aug 29 (Reuters) - Italy's Treasury can take full ownership of Telecom Italia's (TIM) (TLIT.MI) submarine cable unit Sparkle as part of an agreement with U.S. fund KKR (KKR.N) to jointly bid for the group's landline grid, a draft government decree showed on Tuesday. The cabinet on Monday approved two decrees providing for the Treasury to take a 15-20% stake in NetCo, a venture comprising both TIM's domestic fixed-access network and submarine cable unit Sparkle. It was valued at up to 1.2 billion euros in KKR's preliminary bid for NetCo, sources have said. The Treasury stake in Telecom Italia's grid would have the same property rights assigned to other shares, one of the decrees indicated.

Persons: Dado Ruvic, TIM's, Elvira Pollina, Giuseppe Fonte, Alvise Armellini, Jason Neely Organizations: Telecom Italia, REUTERS, Treasury, Telecom Italia's, U.S, KKR, Reuters, Telecom, Thomson Locations: NetCo, TIM's Milan

☆ Italy, KKR discussing terms of state investment into fixed line grid - sources
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. The preliminary agreement could be signed as early as this week, one of the sources said, adding that discussions were still ongoing. The Treasury could join KKR in its preliminary 23 billion euro ($25 billion) bid for TIM's grid and secure a government stake in the venture that will own the network, alongside other potential state-backed investors, the sources said. Debt-laden TIM has granted KKR an exclusivity period until the end of September to negotiate a binding bid for Netco, a venture comprising both TIM's fixed domestic access grid and submarine cable unit Sparkle. ($1 = 0.9127 euros)Reporting by Elvira Pollina and Giuseppe Fonte; writing by Valentina Za; Editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Elvira Pollina, Giuseppe Fonte, Valentina Za, Alvise Organizations: Telecom Italia, REUTERS, Treasury, KKR, Telecom Italia's, TIM, Netco, Thomson Locations: MILAN

☆ Telecom Italia's quarterly core profit rises as domestic revenues edge up
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

which was above a company-provided analyst consensus of 1.3 billion euros. TIM's net financial debt rose to 26.1 billion euros ($28.57 billion) as of June 30 from 24.6 billion euros in the same period last year. The company confirmed its financial targets for 2023, including a stabilisation of service revenue and core earnings at the domestic level. The government has special vetting powers on any deal involving TIM's grid and wants to join KKR's bid to keep a strategic oversight on Italy's main telecommunications infrastructure. The grid sale has faced heavy reservations from TIM's top investor, Vivendi (VIV.PA), which is demanding a higher valuation to back a deal.

Persons: Yara, Pietro Labriola, Giorgia, Elvira Pollina, Urvi, Chris Reese, Leslie Adler Organizations: REUTERS, Telecom Italia, KKR, TIM, U.S, TIM's, Vivendi, Thomson Locations: Rome, Italy, Milan, Bengaluru

☆ Telecom Italia CEO confident grid sale will go well
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

ROME, June 15 (Reuters) - Telecom Italia's (TLIT.MI) (TIM) plan to sell its prized landline grid asset to reduce debt "should and can go well", CEO Pietro Labriola said on Thursday, as sources said bids have not met top shareholder Vivendi's (VIV.PA) expectations. U.S. fund KKR (KKR.N) and a rival consortium comprising state lender CDP and Australian fund Macquarie (MQG.AX) presented revised bids for the grid last week. Two sources with knowledge of the matter have told Reuters that KKR's offer is the most generous at around 23 billion euros ($24.93 billion) overall, still short of the more than 30 billion euros sources close to Vivendi have said it wants. Labriola said there was also a back-up plan to improve TIM's prospects, should the asset sale not be possible. TIM's financial debt stood at almost 26 billion euros at the end of the first quarter of 2023.

Persons: Pietro Labriola, Labriola, Alvise Armellini, Gavin Jones, Elaine Hardcastle Organizations: Telecom, KKR, Macquarie, Reuters, Vivendi, Thomson Locations: Rome

MILAN, June 9 (Reuters) - Telecom Italia (TIM) (TLIT.MI) said on Friday it received two new offers for its landline grid as Italy's biggest telecoms group seeks to resolve the impasse over the sale of its main asset. U.S. fund KKR (KKR.N) and a rival consortium comprising state lender CDP and Australian fund Macquarie (MQG.AX) separately submitted bids for Telecom Italia's network, according to a statement. Debt-crippled TIM had sought improved offers for its most valuable asset after having assessed as not yet adequate the proposals received in May. The antitrust problems are linked to CDP and Macquarie's owning fibre optic wholesale provider Open Fiber. Treasury-owned CDP is the second-largest investor in TIM after France's Vivendi (VIV.PA) with a 10% stake.

Persons: Pietro Labriola's, Akriti Sharma, Elvira Pollina, Marguerita Choy, Leslie Adler Organizations: MILAN, Telecom Italia, KKR, Macquarie, Telecom Italia's, TIM, Treasury, France's Vivendi, Thomson Locations: Bengaluru, Milan

☆ KKR, CDP rival consortium readying new bids for Telecom Italia's grid
▼ + stars: | 2023-06-08 | by ( Elvira Pollina | ) www.reuters.com time to read: +2 min

MILAN, June 8 (Reuters) - U.S. fund KKR (KKR.N) and a rival consortium comprising state lender CDP and Australian fund Macquarie (MQG.AX) are readying to submit slightly improved bids for Telecom Italia's (TIM) (TLIT.MI) network ahead of a June 9 deadline, sources said. 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. Their approach for TIM's grid is part of a plan to combine Open Fiber with the former phone monopoly infrastructure, which has been complicated by antitrust issues. People familiar with the matter told Reuters last month the Treasury CDP joining forces with KKR for TIM's grid, with one source saying government officials were pushing for CDP to drop its separate proposal. But Macquarie is raising about a possible alliance between CDP and KKR, other sources said at the time, citing clauses in the Open Fiber shareholder pact.

Persons: Macquarie, Pietro Labriola's, Elvira Pollina, David Evans Organizations: MILAN, KKR, Macquarie, Telecom Italia's, TIM, Reuters, Treasury, Vivendi, Telecom, Thomson

☆ Telecom Italia urged to call board meeting to name Vivendi candidate - sources
▼ + stars: | 2023-05-20 | by ( ) www.reuters.com time to read: +2 min

MILAN, May 20 (Reuters) - Telecom Italia (TIM) (TLIT.MI) is being urged by some directors to hold an extraordinary board meeting to name a candidate sponsored by top investor Vivendi (VIV.PA) to fill a vacant director seat at the former phone monopoly, two sources said on Saturday. One of the sources said Telecom Italia's nomination committee will start a review of Carta's candidacy on Monday, adding no board meeting has yet been called. The board seat has been vacant since January when Vivendi Chief Executive Arnaud de Puyfontaine quit the board asking for a new governance set-up. In their latest bids, KKR and the rival consortium offered 21 billion euros ($23.12 billion) and 19 billion euros, respectively, for the asset, source have previously said, some 10 billion euros below Vivendi's price tag to back a deal. TIM directors are expected to discuss the bids at an ordinary board meeting due on June 22.

☆ Telecom Italia urged to call board meeting to name Vivendi candidate
▼ + stars: | 2023-05-20 | by ( ) www.reuters.com time to read: +2 min

MILAN, May 15 (Reuters) - Australian fund Macquarie (MQG.AX) is raising legal hurdles over a plan backed by Italy's Treasury for state lender CDP to join forces with U.S. fund KKR (KKR.N) to buy Telecom Italia's (TIM) landline grid, three sources said. People familiar with the matter told Reuters this month the Treasury would welcome CDP joining forces with KKR for TIM's prized grid, with one source saying government officials ware pushing for CDP to drop its separate proposal. But Macquarie is raising legal issues about a possible alliance between CDP and KKR, three sources close to the matter told Reuters late on Monday. CDP and Macquarie are co-investors in Open Fiber, a smaller rival to TIM. One of them said Macquarie was aiming to improve its offer with CDP ahead of next month's deadline.

MILAN, May 15 (Reuters) - Australian fund Macquarie (MQG.AX) is raising legal hurdles over a plan backed by Italy's Treasury for state lender CDP to join forces with U.S. fund KKR (KKR.N) in a deal to buy Telecom Italia's landline grid (TIM) (TLIT.MI), three sources said on Monday. But Macquarie is now raising legal issues about a possible alliance between CDP and KKR, three sources close to the matter told Reuters on Monday. CDP and Macquarie are co-investors in Open Fiber, a smaller rival to TIM. One of them said Macquarie was aiming to improve its offer with CDP ahead of the June 9 deadline. Separate sources with knowledge of the matter had said this month KKR had expressed its willingness to work further on its bid.

☆ Italy's Treasury ready to back KKR-CDP joint bid for Telecom Italia's grid, sources say
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

ROME, May 5 (Reuters) - Italy's Treasury is ready to back a joint purchase proposal for Telecom Italia's (TIM) (TLIT.MI) grid by U.S. KKR and state lender CDP to end a stalemate over the sale process of the phone group's prized asset, sources told Reuters. 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. One of sources added the ministry would also be open to involving Infrastructure fund F2i in the process, should talks over a joint bid prove feasible. TIM, CDP, Macquarie and KKR declined to comment, while F2i was not immediately available for comment. Reporting by Giuseppe Fonte in Rome and Elvira Pollina in Milan, editing Federico MaccioniOur Standards: The Thomson Reuters Trust Principles.

☆ Italy close to approve CDP, Macquarie bid for TIM's grid- Bloomberg News
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +1 min

March 4 (Reuters) - Italy is close to granting preliminary approval to a multibillion-euro offer by state lender CDP and Macquarie Group (MQG.AX) for Telecom Italia's (TLIT.MI) landline network, Bloomberg News reported on Saturday citing people familiar with the matter. 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 (KKR.N) "does not wholly reflect the value of the asset". Meloni's administration wants to secure public control of TIM's grid, but there is no common ground within the government on how to achieve this. CDP and Telecom Italia did not immediately respond to a Reuters' request for comment.

Meloni's administration wants to secure public control of TIM's grid, but there is no common ground within the government on how to achieve this. KKR, which has already invested 1.8 billion euros ($1.9 billion)on TIM's grid, has now bid for a controlling stake in a unit comprising the entire TIM's domestic fixed access network and submarine cable business Sparkle. Ceding control of TIM's grid is a main plank of TIM Chief Executive Pietro Labriola's efforts to cut the former phone monopoly's 25 billion euro net debt and revamp its struggling domestic business. TIM's confirmed its board would meet on Friday to discuss KKR's offer and "take appropriate decisions". CDP's potential offer has been hampered in part by regulatory concerns given it is the main investor in TIM's fibre-optic rival Open Fiber, people familiar with the matter said.

☆ Telecom Italia says KKR has agreed to govt request to extend bid for grid
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

[1/2] Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid//File PhotoFeb 21 (Reuters) - Telecom Italia (TIM) (TLIT.MI) said on Tuesday U.S. fund KKR & Co Inc (KKR.N) has extended the non-binding offer for its prized landline grid by four weeks to March 24 following a government request. Earlier this month KKR, which already owns a minority stake in TIM's landline grid, submitted a non-binding bid for a controlling stake in a unit comprising TIM's domestic fixed network and submarine cable unit Sparkle. A day later, Italy expressed its intention to implement its goal of putting Telecom Italia's grid in state hands. TIM said its Board of Directors will meet on 24 February to discuss KKR's non-binding offer.

☆ A new era of telecoms M&A is coming, says Telecom Italia's CEO
▼ + stars: | 2023-02-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA new era of telecoms M&A is coming, says Telecom Italia's CEOPietro Labriola, CEO of Telecom Italia, speaks to CNBC about the Italian telecommunications company's results.

CDP is seeking to finalise its bid after U.S. investment firm KKR (KKR.N) last week filed its own offer for the same Telecom Italia (TIM) asset. Two sources familiar with the matter told Reuters KKR's approach valued the venture at about 20 billion euros ($21.4 billion). Prime Minister Giorgia Meloni repeatedly said her government wants to secure public control of TIM's network. But there is no common ground yet within her administration on how to reach such a goal and it was no clear whether a CDP bid would receive the blessing of the Treasury. Economy Minister Giancarlo Giorgetti believes Rome has "multiple options" to put TIM's network under strategic government control, a separate source said, without elaborating.

☆ Italy supreme court upholds nullity of ruling over Vivendi's control of TIM
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

MILAN, Jan 25 (Reuters) - Italy's supreme court upheld a ruling which had annulled a market regulator's resolution indicating French media group Vivendi (VIV.PA) was exercising 'de facto control' of Telecom Italia (TIM) (TLIT.MI), a court document showed on Wednesday. Italian market watchdog Consob ruled that Vivendi, TIM's top shareholder with a 24% stake, took control of two-thirds of the Italian phone company's board in 2017. Activist fund Elliott eventually wrested control from Vivendi the following year. In 2020, Italy's top administrative court annulled the resolution of Consob, which subsequently appealed that decision. The supreme court's ruling came as Vivendi is calling for governance changes in Telecom Italia to better reflect the relative weight of shareholders.

Lufthansa declined to comment on Rome's decision to offer an initial minority stake. Some of Italy's politicians consider ITA as the heir to cultural icon Alitalia, which they want to preserve. Some also say that ITA does not have to worry so much about losing its national identity should Lufthansa take over. The Certares-led alliance was willing to pay 350 million euros for a 50% stake plus one share of the state-controlled airline, sources had said. ($1 = 0.9412 euros)Reporting by Angelo Amante in Rome and Joanna Plucinska in London; additional reporting by Giuseppe Fonte in Rome.

SummarySummary Companies Government met TIM's key shareholders CDP, Vivendi on ThursdayWants to spin off Sparkle, put it under state controlSparkle manages fibre cables that stretch over 500,000 kmROME, Dec 15 (Reuters) - Italy's government wants to bring Telecom Italia's (TLIT.MI) (TIM) submarine cable unit Sparkle into state hands, three sources close to the matter told Reuters. The plan emerged after the government on Thursday started talks with leading TIM investors Vivendi (VIV.PA) and state lender Cassa Depositi e Prestiti (CDP) to identify "the best market-friendly options" for the phone group. Prime Minister Giorgia Meloni's administration aims to secure control of TIM's landline grid, an asset deemed of strategic importance, to create a wholesale-only broadband player. But the sources added that Rome also wants a spin-off of Sparkle, given the sensitivity of the data it carries, in order to put the unit into state hands. The sources said there would at least be three more government-sponsored meetings with TIM's stakeholders, with one scheduled for Dec. 20.

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