Italy to discuss KKR’s move on TIM after binding bid, minister says

FILE PHOTO: The Tim logo is seen at its headquarters
FILE PHOTO: The Tim logo is seen at its headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nardi

November 24, 2021

MILAN (Reuters) – The Italian government will discuss KKR’s proposed takeover on Telecom Italia (TIM) when the U.S. fund makes a binding proposal, Industry Minister Giancarlo Giorgetti said on Wednesday.

TIM said on Sunday it had received a non-binding 10.8 billion euro ($12.10 billion) offer from KKR aimed at taking Italy’s biggest phone group private.

Rome has special anti-takeover powers to shield companies deemed of strategic importance from foreign bids.

“It is too early to talk about that,” Giorgetti said.

($1 = 0.8926 euros)

(Reporting by Giuseppe Fonte, writing by Gianluca Semeraro; editing by Giselda Vagnoni)