Telecom Italia Shares Rise on Fresh Offer for Network Business
06 March 2023 - 8:04PM
Dow Jones News
By Adria Calatayud
Shares in Telecom Italia SpA rose Monday after the company said
it had received a nonbinding offer for its network business from a
consortium formed by Italian state lender Cassa Depositi e Prestiti
SpA and Macquarie Group Ltd. that rivals an earlier bid by KKR
& Co.
At 0832 GMT, shares in the Italian telecommunications company
traded 3.6% higher at 0.32 euros ($0.34).
The offer, which expires at the end of March, is for a new
company to be set up that would house TIM's network management and
infrastructure assets, the company said.
TIM last month said KKR's offer for a stake in the network
company didn't fully reflect the value of the assets and its
expectations.
Analysts at Bryan Garnier said in a research note Monday that
valuation is a key item in the discussion, together with the
Italian state's stake and control in the new company. BG estimates
the business is worth around EUR21.4 billion, but even a valuation
around EUR20 billion should provide a significant support to TIM's
current share price, the analysts said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
March 06, 2023 03:49 ET (08:49 GMT)
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