|Expense ratio (net)||N/A|
|Last cap gain||N/A|
|Morningstar risk rating||N/A|
|Beta (5Y monthly)||N/A|
|5y average return||N/A|
|Average for category||N/A|
ROME (Reuters) -The sale of Telecom Italia's (TIM) domestic retail operations and Brazilian unit could raise at least 16 billion euros ($16.96 billion), a former senior executive of the phone group said in an interview published on Thursday. The suggested sales are key planks of a revamp plan put forward by former TIM deputy general manager Stefano Siragusa and London-based investment firm Merlyn Advisors, who together own under 3% of TIM. Merlyn and Siragusa are challenging TIM's plan to sell its landline grid to U.S. fund KKR.
A London-based investment firm representing Telecom Italia (TIM) shareholders owning under 3% of the group is seeking to challenge its plan to sell its landline grid, proposing an alternative revamp, a letter to the board seen by Reuters shows. The challenge from Merlyn Advisors and a former TIM senior executive comes after U.S. fund KKR tabled a binding offer for TIM's grid that valued it at around 23 billion euros ($24 billion), including debt and some variable components. The letter, signed by Merlyn Advisors' founder Alessandro Barnaba, an ex-JPMorgan banker, and Stefano Siragusa, a former TIM deputy general manager, is dated Oct. 27 and addressed to TIM's board of directors.
MILAN (Reuters) -Telecom Italia (TIM) has granted U.S. fund KKR a period of exclusive negotiations for the sale of its landline grid, the Italian phone group said on Thursday. TIM's board unanimously mandated CEO Pietro Labriola to start talks with KKR aimed at obtaining a binding offer no later than Sept. 30, the group said in a statement. KKR, whose bid could be worth around 23 billion euros ($25.19 billion) in total, prevailed over a consortium formed by Italian state lender Cassa Depositi e Prestiti (CDP) and Australian fund Macquarie.