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CDP and Macquarie bid for KKR target

Italian state investor CDP has teamed with Australian asset management group Macquarie to submit a joint bid to acquire Telecom Italia’s fixed-line network, rivalling an offer made last month by KKR, according to a report by Reuters.

Italian state investor CDP has teamed with Australian asset management group Macquarie to submit a joint bid to acquire Telecom Italia’s (TIM) fixed-line network, rivalling an offer made last month by KKR, according to a report by Reuters.

TIM is reportedly looking to secure a sale of the network to allow it to cut its €25 billion debt pile.

According to unnamed Reuters sources, both offers value the network – one of Italy’s main pieces of telecoms infrastructure – at around €18 billion, someway below the €31 billion price reportedly being sought by TIM’s biggest investor Vivendi .

News of the rival offer to KKR’s bid saw TIM’s shares jump around 3.5% in early morning trading on Monday, a level not seen since April last year.

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