{"id":10223,"date":"2023-11-06T14:40:32","date_gmt":"2023-11-06T14:40:32","guid":{"rendered":"https:\/\/infundpros.com\/investment\/telecom-italias-top-investor-says-its-shareholder-rights-have-been-trampled-as-it-vows-to-take-legal-action-to-block-kkrs-24-billion-deal\/"},"modified":"2023-11-06T14:40:33","modified_gmt":"2023-11-06T14:40:33","slug":"telecom-italias-top-investor-says-its-shareholder-rights-have-been-trampled-as-it-vows-to-take-legal-action-to-block-kkrs-24-billion-deal","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10223","title":{"rendered":"Telecom Italia\u2019s top investor says its \u2018shareholder rights have been trampled\u2019 as it vows to take legal action to block KKR\u2019s $24 billion deal"},"content":{"rendered":"
\n

Telecom Italia\u2019s
\n TIT,
\n -2.19%<\/bg-quote>
\n top shareholder has vowed to \u201cuse any legal means at its disposal\u201d to block the Italian phone company from selling its fixed infrastructure assets to U.S. private equity giant Kohlberg Kravis Roberts & Co (KKR) for nearly $24 billion.<\/p>\n

In a statement, Vivendi
\n VIV,
\n -2.22%<\/bg-quote>,<\/span>
\n which owns a 23.75% stake in Telecom Italia, spoke out against the phone company\u2019s decision to accept KKR\u2019s offer as it called the board\u2019s decision \u201cunlawful\u201d.\u00a0<\/p>\n

\n

The French media company, which owns video sharing platform Dailymotion and film company Groupe Canal+, had previously raised concerns over the price being offered and the sustainability of the business left behind.\u00a0\u00a0<\/p>\n

Now, Vivendi is arguing any decision to approve the deal should have been put to a shareholder vote. The Parisian firm said \u201cshareholders\u2019 rights have been trampled on\u201d as it argued the Telecom Italia\u2019s board had breached corporate governance rules.\u00a0\u00a0\u00a0\u00a0<\/p>\n

Vivendi, which is backed by French billionaire Vincent Bollor\u00e9, had previously argued Telecom Italia\u2019s fixed infrastructure assets should be valued at \u20ac30 billion.\u00a0<\/p>\n

Vivendi\u2019s opposition follows the decision by Telecom Italia\u2019s board on Sunday, to approve KKR\u2019s offer to take control of its fixed infrastructure business, called NetCo, and its fiber optics services divisions, in a deal worth up to \u20ac22 billion ($23.7 billion).\u00a0<\/p>\n

The phone company\u2019s board, however, rejected KKR\u2019s bid to buy its subsea cables company, Sparkle, as it called on the fund to offer a higher price. Telecom Italia says it expects to close the deal by summer 2024.\u00a0<\/p>\n

Plans to sell off Telecom Italia\u2019s assets sit at the center of company CEO Pietro Labriola\u2019s push to cut the company\u2019s \u20ac26 billion debt pile, as higher interest rates have seen repayments become increasingly unmanageable.\u00a0\u00a0<\/p>\n

The Italian government, under prime minister Giorgia Meloni, has also backed the deal, as it pushes ahead with plans to replace the country\u2019s ailing copper telecoms networks with high speed fiber optics infrastructure, in line with targets set by the European Union.\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

KKR\u2019s deal would transform Telecom Italia into a more streamlined operation, focused on the selling of phone services in Brazil and Italy.\u00a0\u00a0<\/p>\n

In October, London investment firm Merlyn Advisors, which owns a 3% stake in Telecom Italia, put forward an alternative debt reduction plan that would see the Italian firm keep hold of its fixed infrastructure assets and instead sell its domestic retail segment and Brazilian subsidiary.\u00a0<\/p>\n

In a letter from November 1, Vivendi previously called on Telecom Italia to consider Merlyn Advisor\u2019s alternative debt-reduction plans, according to Reuters.\u00a0\u00a0<\/p>\n

Shares in Telecom Italia fell 4% on Monday, having risen 4% over the previous 12 months.\u00a0<\/p>\n

Vivendi\u2019s statement follows repeated clashes between the French media company and the board of Telecom Italia, that in July 2017 led to the exit of the phone company\u2019s former CEO Flavio Cattaneo.\u00a0\u00a0<\/p>\n

Deutsche Bank, led by Robert Grindle, noted a report in Italian financial newspaper Il Sole, which said Vivendi would be open to selling its stake in Telecom Italia for \u20ac0.5 per share. Shares in Telecom Italia are currently trading at \u20ac0.25 per share. The analysts said Vivendi\u2019s opposition to the deal \u201cmay be designed to create pressure for someone else to buy Vivendi\u2019s stake.\u201d\u00a0<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Telecom Italia\u2019s TIT, -2.19% top shareholder has vowed to \u201cuse any legal means at its disposal\u201d to block the Italian phone company…<\/p>\n","protected":false},"author":1,"featured_media":10224,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-10223","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment"},"yoast_head":"\nTelecom Italia\u2019s top investor says its \u2018shareholder rights have been trampled\u2019 as it vows to take legal action to block KKR\u2019s $24 billion deal | inFundPros<\/title>\n<meta name=\"description\" content=\"Telecom Italia\u2019s TIT, -2.19% top shareholder has vowed to \u201cuse any legal means at its disposal\u201d to block the Italian phone company from selling its fixed\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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