Tim: Board of Directors called for today. Hypothesis proposed to purchase from Kkr

• Tim, the unions turn to Giorgetti: "Possible thousands of redundancies"

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November 21, 2021 Tim has convened an extraordinary board of directors for today.

On the table - according to what

writes today

- there would be the expression of interest put forward by the US fund Kkr for the purchase of the entire group.

Sources of the company consulted in this regard confirm the convening of the board for today, without providing information on the contents of the meeting.

The Kkr fund is already a shareholder of FiberCop, the company to which Telecom Italia moved the last mile of the telephone network. The board meeting is scheduled for the afternoon. The US fund would aim at the acquisition of the entire group and, according to Corsera reports, would be willing to launch a public offer on the entire capital of the group, also thanks to the fact that the shares are currently at an all-time low. On Friday in the stock market, despite the closing against the trend with an increase of 3.65%, the stock was quoted at 0.3465 euros. Through its diplomatic channels - writes the newspaper - Kkr would have probed the government in recent days, from which no indications would have come, as usual, since Tim is a private listed company.

However, it should be remembered that the government has the possibility of using the 'golden power' to protect the network considered a strategic asset for national security, including the Sparkle international network. "It is conceivable - writes Corsera - that in the event of a 'Takeover bid, the government will put stakes in defense of the network, both for the part contained in FiberCop and for the so-called' primary network 'which has remained with Tim. The

, and for the managing director Luigi Gubitosi. Tim's president, Salvatore Rossi, had already called a Board of Directors of the telephone group for next Friday after eleven directors, including in particular the representatives expressed by Vivendì, had signed a letter with harsh tones, which spoke of mistrust and concern urgently requesting an extraordinary board of directors to discuss governance and the deteriorating state of company accounts. Even the mayors have expressed concern about the trend of the accounts, which are serving two profit warnings in four months and which have forced S&P to cut the rating of the telephone group to BB, now increasingly far from investment grade.   

The tensions that shake Tim provoke a

, who take it out on the government, accused of having contributed to the difficulties of the group by putting the single network project in the freezer (which also pays for the hostility of Europe), and with a shareholder, Vivendi, who aims "to overturn the Corporate governance, rather than working on an industrial development plan ", said the secretary of Fistel-Cisl, Vito Vitale. "A company that had based its industrial relaunch plan on an infrastructural project shared by the Government now sees everything undisputed for the sudden and to date far from clear change in the Executive's approach. employment of Tim with the risk of thousands of redundancies and the holding of the entire Tlc sector ", wrote Slc Cgil, Fistel Cisl and Uilcom Uil to the minister,Giancarlo Giorgetti, threatening "more appropriate" mobilizations, including a strike, if an "ad horas" call to Mise does not arrive. The alarm bell is heard in the Center Left - Pde in Leu - from whose ranks the concerns of the trade unions are re-launched while the deputy from Leu, Stefano Fassina, asks ministers Giorgetti and Colao to report to Parliament: "the Italian State, second shareholder through CDP with almost 10% of Tim shares, what position does it hold? ".The alarm is heard in the Center-Left - Pde in Leu - from whose ranks the concerns of the trade unions are re-launched while the deputy from Leu, Stefano Fassina, asks the ministers Giorgetti and Colao to report to Parliament: "the Italian State, second shareholder through CDP with almost 10% of Tim shares, what position does it hold? ".The alarm is heard in the Center-Left - Pde in Leu - from whose ranks the concerns of the trade unions are re-launched while the deputy from Leu, Stefano Fassina, asks the ministers Giorgetti and Colao to report to Parliament: "the Italian State, second shareholder through CDP with almost 10% of Tim shares, what position does it hold? ".