Bid target Telecom Italia’s auditors meet before key board meeting -sources

bid target telecom italias auditors meet before key board meeting sources

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.

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