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Telecom Italia CEO is ready to expedite KKR offer decisions-Source

Milan: Telecom Italia CEO Luigi Gubitoshi told the board that he is ready to resign if it helps speed up the decision on the takeover approach by U.S. private equity group KKR. A source told Reuters Thursday.

KKR has offered € 10.8 billion ($ 12 billion) in the midst of a line of conference rooms between Gubitoshi and Vivendi, a former top investor in Italian telecommunications monopoly.

In a letter sent to the board on Thursday, Mr. Gubitoshi said it was time to take action, appoint an adviser and make a decision on KKR’s offer, sources told Reuters, an Italian news agency. Confirmed previous report by Company Answers.

“We should avoid wasting time by the board, which may be interpreted as being aimed at protecting the interests of certain shareholders,” Gubitosi said in a letter.

“Technically, the data room could be ready in 48-72 hours,” he said in a letter to suitors and their advisors to carry out due diligence during potential bids. Mentioned practices that give access to company books.

The French media group Vivendi has driven transformation by steering Italy’s largest telecommunications company.

Gubitosi’s comments were received as an auditor, and TIM’s Risk Committee investigated the Group’s financial position after two profit warnings since July.

Vivendi declined to comment.

($ 1 = 0.8913 euros)

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Telecom Italia CEO is ready to expedite KKR offer decisions-Source

Source link Telecom Italia CEO is ready to expedite KKR offer decisions-Source

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