The decision of Telecom Italia (TIM) TLIT.MI to sell its fixed telephone network to KKR
KKR.N is an “important step” for the former telephony monopoly and falls under the EXCLUSIVE jurisdiction of the board of directors, the head of the telecoms group said on Thursday.
The operation is also in line with the group’s unanimously approved business plan for 2022, Pietro Labriola said, speaking to analysts in a conference call after the results were published.
The CEO was indirectly responding to criticism from main shareholder Vivendi VIV.PA who threatened to legally challenge the proposed sale of the network, declaring that he considered the decision to proceed without a shareholder vote as “illegal”.