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    TIT   IT0003497168

TELECOM ITALIA S.P.A.

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Telecom Italia shares slide further as doubts over KKR's bid intensify

01/19/2022 | 06:33am EDT
FILE PHOTO: The TIM logo is seen at its headquarters

MILAN (Reuters) - Telecom Italia (TIM) shares fell for a straight second day on Wednesday following an internal meeting over plans to revamp the former phone monopoly while a takeover approach by U.S. fund KKR remains unanswered.

General Manager Pietro Labriola on Tuesday outlined to the company's directors a plan exploring alternative options to KKR's 10.8 billion euro ($12 billion) offer, two people familiar with the matter said, adding the board's response had been positive.

Analysts and traders said reports about a positive reception of Labriola's plan weakened the speculative appeal of TIM shares given the uncertainty on whether KKR will act on its takeover proposal.

"The daily bulletin of events, rumours and scenario permutation, and the combination of uncertainty on management and board orientation along with political interference makes investors understandably nervous," Banca Akros analysts said.

TIM shares were 3.7% lower by 1148 GMT. The stock has lost around 10% since the beginning of the week.

Labriola's standalone plan for TIM hinges around a separation of the group's infrastructure assets from its services operations, people familiar with the matter have said.

"Should TIM's board approve Labriola's split proposal, at the same time it could reject KKR's non-binding offer", Intesa Sanpaolo said in a research note.

Labriola, who is expected to be named chief executive on Friday and then put his plan to the board on March 2, is backed by TIM's single largest investor Vivendi.

Vivendi has criticised KKR's offer saying it does not sufficiently value TIM.

($1 = 0.8817 euros)

(Reporting by Elvira Pollina and Andrea Mandala; writing by Maria Pia Quaglia; editing by Valentina Za and Tomasz Janowski)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
KKR & CO. INC. -0.78% 50.94 Delayed Quote.-31.32%
ON SEMICONDUCTOR CORPORATION -1.25% 55.15 Delayed Quote.-18.32%
TELECOM ITALIA S.P.A. -2.02% 0.2722 Delayed Quote.-37.31%
VIVENDI SE -0.23% 10.995 Real-time Quote.-7.53%
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Analyst Recommendations on TELECOM ITALIA S.P.A.
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Financials
Sales 2022 15 614 M 16 244 M 16 244 M
Net income 2022 131 M 136 M 136 M
Net Debt 2022 23 196 M 24 132 M 24 132 M
P/E ratio 2022 -113x
Yield 2022 2,03%
Capitalization 5 682 M 5 912 M 5 912 M
EV / Sales 2022 1,85x
EV / Sales 2023 1,79x
Nbr of Employees 51 893
Free-Float 77,0%
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Technical analysis trends TELECOM ITALIA S.P.A.
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 20
Last Close Price 0,27 €
Average target price 0,34 €
Spread / Average Target 23,5%
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Managers and Directors
Pietro Labriola Chief Executive Officer & Director
Adrißn Calaza Chief Financial Officer
Salvatore Rossi Chairman
Michele Gamberini Chief Technology & Information Officer
Stefano Siragusa Chief Revenue, Information & Media Office
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