Italy Bank May Bid for Telecom Italia Network Next Month (BBG)
· Messaggero says non-binding offer would be about €24 billion
· Cassa Depositi e Prestiti is working with funds Macquarie, KKR
Italy’s state-backed lender Cassa Depositi e Prestiti SpA may bid for Telecom Italia SpA’s landline network in mid-to-late February, according to the daily il Messaggero.
Cassa Depositi could bid together with funds Macquarie and KKR, though the latter is hesitating, the newspaper reported on Saturday without saying where it got the information. The non-binding offer would be worth around €24 billion ($26 billion), Il Messaggero says.
Such a valuation would be very far from what Vivendi SE, Telecom Italia’s largest shareholder, considers a fair value, people familiar with the company’s thinking said.
Telecom Italia is intensifying talks with the country’s government on the sale of its multibillion-euro landline network, which could significantly cut the carrier’s €20-billion debt pile. Italian officials are also in touch with the European Commission to assuage potential antitrust concerns around the operation, according to Il Messaggero.