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(Bloomberg) — Italy has opposed an investor who is following its strategy for Telecom Italia SpA and will stick to its plan to sell the operator’s steady network to U. S. personal equity giant KKR.
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The Italian government rejects any proposal that differs from its strategy announced in the past, an official said in a statement on Saturday, reiterating that the government’s strategy also aims to retain control of a strategic asset. Italy owns a stake of around 10% in Telecom Italia through state-owned lender Cassa Depositi e Prestiti SpA.
The government’s comments stick to a proposed election plan through Merlyn Advisors Ltd, a minority investor in Telecom Italia, that would halt the sale of fixed-line lines and update CEO Pietro Labriola. The plan called for the operator to retain the network while promoting its customer department and its Brazilian unit Tim SA, according to a document obtained through Bloomberg.
Read more: Telecom Italia investor seeks to remove CEO and prevent network sale (1)
Separately on Saturday, Telecom Italia said it had won Merlyn’s letter and would continue preparatory activities similar to KKR’s offer.
Giorgia Meloni’s government subsidized KKR’s offer, saying it met the Italian government’s demands. Under the terms of the proposed agreement, the Italian Ministry of Finance will own up to 20% of the network unit’s capital.
U. S. stock giant KKR
The sale of the network is an original concept of Labriola and would be an important step for Telecom Italia, which aims to overcome its gross debt of around 30 billion euros.
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