Telecom Italia CEO Resigns After KKR Buyout Bid: Report
Fahad Shabbir (@FahadShabbir) Published November 27, 2021 | 08:50 AM
Rome, (UrduPoint / Pakistan Point News - 27th Nov, 2021 ) :Telecom Italia Chief Executive Luigi Gubitosi has resigned, news reports said Friday, amid increasing pressure on the top management by shareholders, including France's Vivendi.
The departure of Gubitosi, who has been at the helm of the struggling telecom company since May 2018, comes in the wake of a nearly 11 billion euro buy-out offer from US private equity firm KKR.
TIM's current president, Salvatore Rossi, will take on Gubitosi's duties in the interim, reported Italian news agency AGI.
A former executive of Fiat and Alitalia, Gubitosi in recent years has not been able to reverse the declining share price of Italy's largest telecom firm.
The move came nearly a week after the "friendly" public tender offer by New York-based Kohlberg Kravis Roberts, for the entire share capital of TIM.
KKR said its offer would be for an initial .
505 Euros per share, valuing the Italian operator at around 10.8 billion euros ($12.2 billion).
TIM's board met on Friday for six hours, AGI said, after calling an emergency meeting Sunday. It said then that KKR's proposal was subject to about four weeks of due diligence and would require the backing of a majority of shareholders.
Any buyout of TIM would need the approval from Italian government stakeholders, as TIM's network is considered a national strategic asset.
KKR already has a 37.5 percent stake in FiberCop, a joint venture with TIM and Italian internet provider Fastweb to provide fibre optic broadband across Italy.
TIM's management has been increasingly dogged by shareholder discontent, the largest of which is from Vivendi, over disappointing company results and flagging shares, according to recent news reports.
Related Topics
Recent Stories
Govt committed to developing gems, jewellery sector: Minister
Three new bills introduced in Senate
Nine dead, 1,318 injured in Punjab road accidents
Ukraine, Russia exchange fire, at least seven dead
1st-ever National Sports Revival conference starts next month
Joint venture decided for action against MEPCO’s defaulters
Modern irrigation system imperative to deal with water scarcity: UAF VC
Bringing 4.4mln hectares suitable land under olive cultivation to address econom ..
One woman died after speedy bus overturned
155 killed in Tanzania as heavy rains lash East Africa
Parliament committed to resolve public issues on priority basis: Ghulam Mustafa
Collaborative Care of Diabetes Centre inaugurated in Faisalabad
More Stories From Miscellaneous
-
PDMA predicts gusty wind, rain with thunder, hails
2 days ago -
Iranian president Raisi given guard of honour at PM House
3 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
4 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
4 days ago -
Cattle farming vital to alleviate poverty in rural areas
4 days ago -
Pakistan: A land of tourism, archeological wonders
4 days ago
-
Transforming education sector: from job hunters to job creators
6 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
10 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
11 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
11 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
14 days ago -
Radio Bahawalpur to broadcast Eid programs
16 days ago