(AOF) – Main shareholder of Telecom Italia (TIM) with a share of 23.75%, Vivendi considered insufficient the offer from the American investment fund KKR for the network, which the board of directors of TIM intends to pass to the screen this Friday before issuing an opinion at the end of another meeting on Sunday. In a new letter addressed to TIM directors, Vivendi expressed the hope that they would fully examine an “alternative proposal” relying on “independent financial and technical advisors”, as reported by AFP.
The competing proposal, submitted to the board by the Merlyn investment fund and Stefano Siragusa, former deputy general director of TIM, provides for the sale of the lucrative Brazilian subsidiary and the branch in charge of individual customers in Italy.
The sale of TIM Brasil should bring in around 7 billion euros and that of the individual customer activity “no less than 9 billion”, assured Stefano Siragusa in an interview published Thursday by the economic daily Il Sole 24 Ore.