February 23, 2024

News Collective

Complete New Zealand News World

Australian energy company AGL rejects second takeover offer of Brookfield Consortium

A new drop in Telecom Italia shares on the Milan Stock Exchange

The stake of Telecom Italia (TIM), the main shareholder of French group Vivendi, fell again on Monday on the Milan Stock Exchange, with a loss of more than 5%.

The stock closed down 5.45% at €0.236, despite a temporary mid-day rally of more than 10%, in a market that was also marked by tensions due to the Russian invasion of Ukraine.

On Friday, the title lost 15.56 percent and on Thursday 13.99 percent, after publishing the results of 2021, which recorded a shocking net loss of 8,650 million euros ($9550 million).

The company is going through a turbulent moment, after the US private equity fund KKR announced its willingness to acquire it for 10.8 billion euros, a proposal that has not yet received a response from the TIM board of directors.

The Strategic Plan 2022-2024, presented last week by new CEO, Pietro Labriola, foresees a division between fixed-line network, infrastructure and service activities, with the aim of better assessing each of the future entities.

The plan effectively removes the possibility of a takeover offer by KKR, which deprives shareholders of a significant premium in the stock market, which makes investors anxious.

Analysts were disappointed by the bleak financial outlook for the plan, which sees a double-digit decline in the group’s organic operating profit (Ebitda) for the year, which is down from 11.6% in 2021.

Bor- kv / mb

See also  Colombian merchants ask to be allowed to sell home tests for Covid-19