CDP and Macquarie bid for KKR target

▤ Summary

Italian state investor CDP has teamed with Australian asset management group Macquarie to submit a joint bid to acquire Telecom Italias (TIM) fixed-line network, rivalling an offer made last month by KKR, according to a report by Reuters. TIM is reportedly looking to secure a sale of the network to allow it to cut its €25 billion debt pile. According to unnamed Reuters sources, both offers value the network – one of Italys main pieces of telecoms infrastructure – at around €18 billion, someway below the €31 billion price reportedly being sought by TIMs biggest investor Vivendi . News of the rival offer to KKRs bid saw TIMs shares jump around 3.5% in early morning trading on Monday, a level not seen since April last year.

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