Sumary of Bid target Telecom Italia’s auditors meet before key board meeting -sources:
- Article content MILAN — Telecom Italia’s auditors and risk committee will examine its financial health on Thursday ahead of a board meeting which could decide the future of Italy’s biggest phone group and its chief executive, sources told Reuters.
- Italy’s former telecoms monopoly has received a 10.8 billion euro ($12 billion) buyout approach from U.S. private equity group KKR in the middle of a boardroom row between CEO Luigi Gubitosi and TIM’s top investor Vivendi.
- Article content Auditors will examine TIM’s earnings and discuss whether a third profit warning may be necessary as a result of the DAZN rights deal, Italian newspapers reported.
- Gubitosi has close ties with KKR, which last year bought a 37.5% stake in Telecom Italia’s last-mile grid and is seeking to preserve its investment.