The negotiations between Kkr and Cdp to find an ocommon offer on the Tim network under the aegis of the Government remain difficult. He reveals it The sun 24 hours, according to which the pressures of Cdp and Macquarie would also have restarted to try to reach a solution with a green light from the Executive to a possible alternative offer to Kkr and yesterday the Mef gave the first green light to Cdp taking into account the Antitrust stakes.
The ongoing discussions on the Tim network
For the moment no one - including the government - has yet managed to find the key to the problem. This, in summary, would be the latest update on the possible joint offer of Kkr and Cdp for the Tim network.
After the offer presented by Kkr, CDP and Macquarie had decided not to present a counter-offer, while the US fund had asked Tim's board of directors to extend the duration of its offer by 4 weeks. The extension, as announced by the company led by Pietro Labriola, was due to “one Government request to have a further four weeks to carry out a joint analysis of the public aspects of the operation concerning the powers exercisable by the Government in the sector".
According to Sun 24 Hours, however, it is not possible to find a concrete offer between that of Kkr and that of Cassa Depositi e Prestiti and the latter is currently trying to define an alternative offer to that proposed by Kkr. In detail, CDP and Macquarie are considering presenting an improvement proposal for 1,5-2 billion in terms of cash for Tim, probably reducing the value attributed to FiberCop and raising the valuation on other NetCo assets.
The intentions of the Government and the availability of Kkr
According to indiscretions collected by the financial newspaper, the Government would like to “bring the Tim network under the public scrutiny with the creation of one National Network on which, it has been said, there is the intent to exercise a strategic control“. Moving from words to deeds, however, could be more complicated than expected.
In the meantime, Kkr would have reaffirmed its willingness to present a joint offer. However, there would be an essential condition: the operation should be able to circumvent the stakes of the Antitrust, which could get in the way due to the shares that Cdp holds in Tim (9,8%) and in Open Fiber (60%). The ongoing negotiations would have stalled precisely on these stakes.
Mele (Cdp Equity): "It doesn't just depend on us"
Meanwhile, speaking on the sidelines of the opening of Webuild's "Building the future" exhibition at the Milan Triennale, the CEO of Cdp Equity, Francis apples he reiterated: “It doesn't just depend on us. We also need to clarify technical aspects and therefore we will evaluate and do everything possible to be able to do it ". Mele stressed that “We must align all interests at stake. It's not an easy job." The reason is obvious: on the one hand there is the government's desire to create a publicly controlled national network "which can be done in many ways and not necessarily with us”Mele said. “We have a role, we have already invested. We are an infrastructure investor and therefore have good experience and we think we can contribute to the project.” On the other hand, there are technical and antitrust obstacles.
“We have relationships with everyone. So we like working with other investors also with Kkr. For us, working with other investors is an element that allows us to do more things and therefore we don't have the presumption of working alone. We are open”, concluded Mele.
