The former phone monopoly owns Italy’s biggest telecoms infrastructure and the government has the power to block any deal involving assets deemed to be of national interest. KKR made its offer conditional on getting backing from TIM’s board and the government.
Asked whether KKR’s bid might jeopardise a Treasury-championed plan to merge TIM’s assets with those of state backed Open Fiber, Giorgetti said: “The government respects the market but any takeover bid must take into account a framework within which the state cannot relinquish control.”
($1 = 0.8802 euros)
(Reporting by Giuseppe Fonte, writing by Elvira Pollina; editing by Agnieszka Flak and Jane Merriman)