Vivendi SE, Telecom Italia SpA’s largest investor, could back ceding control of the former phone monopoly’s network to the Italian state, in a move that could counter KKR & Co.’s preliminary 10.8 billion euro ($12.2 billion) bid for the company.
Vivendi is working with Italy’s state-backed lender Cassa Depositi e Prestiti SpA on a plan to revive Telecom Italia’s fortunes that doesn’t rely on KKR, Il Messaggero newspaper reported Sunday. The leaders of the two companies have met recently and are set to meet again soon to develop their joint strategy, according to the newspaper.
Cassa Depositi is the phone carrier’s second-largest shareholder with 9.8%, after Vivendi with 24%, according to Bloomberg data.
Read more/Source: BNN Bloomberg
