{"id":1683359,"date":"2022-10-11T10:21:22","date_gmt":"2022-10-11T14:21:22","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1683359"},"modified":"2022-10-11T10:22:27","modified_gmt":"2022-10-11T14:22:27","slug":"tim-plunges-to-hit-record-lows-after-latest-delay-to-network-deal-2","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tim-plunges-to-hit-record-lows-after-latest-delay-to-network-deal-2\/","title":{"rendered":"TIM plunges to hit record lows after latest delay to network deal"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftim-plunges-to-hit-record-lows-after-latest-delay-to-network-deal-2%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1683359&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>MILAN (Reuters) -Shares in Telecom Italia (TIM) slid to fresh record lows on Tuesday after the company said CDP and its partners had asked for more time to finalise a bid for the former phone monopoly\u2019s network assets.<\/p>\n<p>Under a preliminary agreement sealed in May and sponsored by Italy\u2019s outgoing government, state lender CDP and TIM had aimed for a binding deal by the end of October but that deadline will now slip.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>CDP\u2019s approach is part of a long-held plan to combine TIM\u2019s fixed network assets with those of state-backed rival Open Fiber to create a single national network operator under CDP control.<\/p>\n<p>The plan, sponsored by the outgoing government of Mario Draghi, will have to be reviewed by a new right-wing government which is due to be installed later this month.<\/p>\n<p>\u201cThe delay is nominally a big disappointment but hardly unexpected in presence of a valuation gap and yet to be defined government,\u201d Banca Akros said in a note.<\/p>\n<p>TIM shares fell as much as 3.5% to hit a record low at 0.1743 euros. <\/p>\n<p>The potential multi-billion grid sale is also a key plank of the strategy set out by TIM Chief Executive Pietro Labriola to turn around the battered former phone monopoly.<\/p>\n<p>Divergences on valuations have complicated negotiations, with TIM\u2019s top investor Vivendi seeking 31 billion euros, some 10-15 billion above CDP\u2019s valuation, sources have said. <\/p>\n<p>Labriola is expected to meet CDP Chief Executive Dario Scannapieco this week to discuss a new deadline to clinch a binding deal, which could be set in mid-December, according to a source familiar with the matter. <\/p>\n<p>As it seeks to press ahead with its turnaround plan and cut its 25 billion euros debt pile, TIM will launch a beauty contest to sell a minority stake in its enterprise service arm.<\/p>\n<p>The venture, dubbed TIM Enterprise, combines the phone group\u2019s connectivity services for big corporate clients and public administration, as well as cloud, cybersecurity and Internet of Things operations. <\/p>\n<p>The process is expected to kick off in November, with preliminary offers due before year-end, two sources familiar with the matter said. <\/p>\n<p>In March, CVC made a non-binding proposal for a stake of up to 49% in the unit. The approach valued the venture at 6 billion euros, a price tag deemed inadequate by TIM, sources had previously said. <\/p>\n<p>Other players besides CVC have expressed interest after the unit was presented at a capital markets day, Labriola said during this summer.   <\/p>\n<p> (Reporting by Claudia Cristoferi and Elvira Pollina,Writing by Keith Weir and Elvira Pollina, editing by Ed Osmond)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/tim-plunges-to-hit\/attachment\/illustration-shows-telecom-italia-tim-logo-5\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9A0GJ-BASEIMAGE-1.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9A0GJ-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MILAN (Reuters) -Shares in Telecom Italia (TIM) slid to fresh record lows on Tuesday after the company said CDP and its partners had asked for more time to finalise a<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1683359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1683359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1683359"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1683359\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1683359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1683359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1683359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}