KKR, CVC consider partnering on Telecom Italia bid, Bloomberg reports » 06:0911/2611/26/21
Private equity firms KKR…
Private equity firms KKR (KKR) and CVC Capital Partners are considering partnering on a bid for Telecom Italia SpA (TIIAY), a move that would help share the financial burden for Europe's biggest-ever leveraged buyout, Bloomberg's Jan-Henrik Foerster, Aaron Kirchfeld, and Dinesh Nair report, citing people with knowledge of the matter said. The two investment firms have held exploratory talks about the potential for a joint offer, according to the people, who asked not to be identified because the information is confidential. Reference Link
Telecom Italia upgraded to Buy from Reduce at HSBC » 05:4711/2211/22/21
HSBC analyst Luigi…
HSBC analyst Luigi Minerva double upgraded Telecom Italia to Buy from Reduce with a price target of EUR 0.50, up from EUR 0.28. KKR's offer is likely to "trigger reaction by all relevant counterparts," Minerva tells investors in a research note. The analyst expects Telecom Italia's takeover interest to support its valuation.
|Over a week ago|
Telecom Italia board met to assess non binding indication of interest by KKR » 20:1811/2111/21/21
Telecom Italia (TIIAY)…
Telecom Italia (TIIAY) stated: "TIM's board of directors met today under the chairmanship of Salvatore Rossi, and acknowledged the intention of Kohlberg Kravis Roberts & Co. L.P., or 'KKR,' to date qualified as "non-binding and indicative", to launch a possible public tender offer for the entire share capital of the company, both ordinary and savings shares, aimed at the delisting of the company. The indication of interest, which is non-binding - as specified above - and based on publicly available information, would be conditional upon a minimum level of acceptance of 51% for both classes of shares. The indication of interest was qualified by KKR as 'friendly' and aims at obtaining approval by TIM's directors and support by the company's management. For the time being, it is conditional - among others - to an estimated four-week confirmatory due diligence, as well as clearance by key government stakeholders, as TIM is subject to the Government's special powers, so called Golden Power. The indication of interest foresees a price, to be considered, for the time being, indicative only as well as non-binding, to be paid fully in cash, equal to Euro 0.505 per ordinary and/or savings share." Reference Link
Fly Intel: Top five weekend stock stories » 20:0611/2111/21/21
MNST, STZ.B, STZ, KO, KKR, TIIAY, VIVHY, CSCO, SONY, D, LCII, M, CTRA, XPDI, MARA, RIOT
Catch up on the…
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Monster Beverage (MNST), the maker of energy drinks, is exploring a combination with Corona brewer Constellation Brands (STZ), Bloomberg's Ed Hammond reported, citing people familiar with the matter. Monster Beverage, which has Coca-Cola (KO) as a major shareholder, has discussed a potential deal with advisers, the people said. 2. KKR (KKR) offered to buy Telecom Italia SpA (TIIAY) for $12.2B, seeking to tempt investors including Vivendi SE (VIVHY) with a healthy premium after the company lost about half its market value in the past five years, Bloomberg's Daniele Lepido reported. "The board acknowledged the intention of KKR to launch a possible public tender for the entire share capital of the company," the board said in a statement Sunday after meeting to consider the proposal, which currently is "non-binding and indicative." 3. As supply-chain issues roil the tech sector, no company underscores the issue more than Cisco Systems, Eric J. Savitz wrote in this week's edition of Barron's. The stock fell more than 6% on Thursday after the company reported financial results that were dented by a panoply of component delays. And yet, it's hard to find an enterprise tech company with a more appealing long-term outlook, the author contended. While there will be continued near-term noise for Cisco (CSCO), investors should hop aboard now-the selloff this past week has made a cheap stock even cheaper, the publication added. 4. Sony's (SONY) "Ghostbusters: Afterlife" easily won this weekend's domestic box office with a better-than-expected $44M from 4,315 locations. Overseas, the direct sequel to the 1984 original "Ghostbusters" earned $16M from 31 markets for a worldwide total of $60M. 5. Dominion Energy (D), LCI Industries (LCII), Macy's (M), Coterra Energy (CTRA), Power & Digital Infrastructure Acquisition (XPDI), Marathon Digital (MARA), and Rio Blockchain (RIOT) saw positive mentions in this week's edition of Barron's.
KKR makes $12B bid for Telecom Italia at 46% premium, Bloomberg reports » 15:2611/2111/21/21
KKR, TIIAY, VIVHY
KKR (KKR) offered to buy…
KKR (KKR) offered to buy Telecom Italia SpA (TIIAY) for $12.2B, seeking to tempt investors including Vivendi SE (VIVHY) with a healthy premium after the company lost about half its market value in the past five years, Bloomberg's Daniele Lepido reports. "The board acknowledged the intention of KKR to launch a possible public tender for the entire share capital of the company," the board said in a statement Sunday after meeting to consider the proposal, which currently is "non-binding and indicative." Reference Link
Telecom Italia downgraded to Hold from Buy at Deutsche Bank » 04:3911/1511/15/21
Deutsche Bank analyst…
Deutsche Bank analyst Keval Khiroya downgraded Telecom Italia to Hold from Buy with a EUR 0.43 price target. The analyst sees downside risk to consensus estimates and the company's medium guidance. The prospect of strategic action remains a potential offset, but visibility on timing remains low, particularly if a network deal can only come as part of a single network transaction, Khiroya tells investors in a research note. The analyst cites negative earnings momentum negative and strategic action uncertain for the downgrade.
Telecom Italia downgraded to Reduce from Hold at HSBC » 11:2111/0811/08/21
HSBC analyst Luigi…
HSBC analyst Luigi Minerva downgraded Telecom Italia to Reduce from Hold with a price target of EUR 0.28, down from EUR 0.40.
Telecom Italia downgraded to Equal Weight from Overweight at Barclays » 05:5510/2910/29/21
Barclays analyst Mathieu…
Barclays analyst Mathieu Robilliard downgraded Telecom Italia to Equal Weight from Overweight with a price target of EUR 0.35, down from EUR 0.46. The analyst sees a "challenging" 2022 for the company saying competition has stepped up again since Q2 and after the "weak" Q3, there are no signs of it abating despite Telecom Italia's continued hopes for a more rational market.
|Over a month ago|
Telecom Italia price target lowered to EUR 0.47 from EUR 0.50 at JPMorgan » 14:2610/2710/27/21
JPMorgan analyst Roman…
JPMorgan analyst Roman Arbuzov lowered the firm's price target on Telecom Italia to EUR 0.47 from EUR 0.50 and keeps a Neutral rating on the shares.
Oracle, Telecom Italia and Noovie enter multi-cloud services collaboration deal » 05:1810/0810/08/21
Oracle (ORCL), Telecom…
Oracle (ORCL), Telecom Italia (TIIAY) and Noovle, TIM Group's cloud company, announced that they have signed a collaboration agreement as part of a plan to offer multi-cloud services for enterprises and public sector organizations in Italy. Under the agreement, TIM Group plans to utilize advanced cloud infrastructure technologies to support its goal of advancing Italy's digital modernization and establishing its position, through Noovle, as the market reference point for enterprise multi-cloud services in the country. A collaborative model, which includes connecting cloud providers' platforms in a multi-cloud environment, will support public and private organizations. Oracle's hybrid and multi-cloud strategy also aligns with TIM Group's objectives in ensuring that all customer data is hosted in-country and customers have a cloud solution that meets their data sovereignty needs. The companies also announced that TIM has selected Oracle Cloud Infrastructure as part of its multi-cloud strategy to migrate the group's mission-critical data management workloads to the public cloud. In addition, TIM Group has selected Oracle Fusion Cloud Enterprise Resource Planning to optimize its finance and supply chain processes.