The Telecom Italia shares have risen after the opening of the session on the Milan Stock Exchange to 0.45 euros per share, which represented a revaluation of 29.9% compared to the price of 0.3465 euros at the close of last Friday, after the amicable purchase offer made by the firm Kohlberg Kravis Roberts (KKR), which values the Italian at 10,800 million euros.
Telecom Italia’s board of directors, meeting this Sunday urgently, confirmed that the US firm KKR had expressed its “non-binding and indicative” intention regarding its willingness to launch a public offer of purchase on the entire capital of the Italian telecom company.
The indication of interest by KKR contemplates the payment of 0.505 euros in cash for each share Telecom Italia, which entails a premium of almost 46% compared to the price of 0.3465 euros marked by the shares of the Italian at the close of the session last Friday.
KKR’s offer, classified by the firm as “friendly”, would be conditional on reaching a minimum acceptance of 51%, in addition to the result of the due diligence process, as well as having the authorizations of the interested government parties, since Telecom Italia is subject to special powers of the Italian Government.
Currently, the main shareholders of Telecom Italia are the French group Vivendi, with a direct stake of 23.7%, ahead of the 9.8% held by Cassa Depositi e Prestiti and the 3.1% controlled by Canada Pension Plan Investment Board.
The price of the main European telecommunications operators looked driven upward in market opening of the Old Continent in view of the prospect of a reactivation of consolidation movements in the sector. In this way, the Spanish Telefónica, with a rebound of 3.97%, led the increases in the sector, ahead of BT Group, with 2.22%, and the French Orange and the Dutch KPN, with an increase of 1.98% each, while Deutsche Telekom was up 1.33%, and Telia was down 0.83%.