© Reuters.

By Alessandro Albano

Invest.com – Telecom Italy (MI 🙂 does not celebrate the step back of Luigi Gubitosi, who still remains on the board, from the position of CEO and loses 2.1% to €0.4704 at Piazza Affari, trading well below the price support offered by the Kkr fund of €0.505.

Meanwhile, as those on the ground move in preparation for the 4-week due diligence expiration, the pool of banks and consultants hired by Tim and Kkr to complete the operation grows.

According to Repubblica rumors, JPMorgan (NYSE 🙂 attached to the US fund’s proposal a “highly confidential letter” in which the investment bank‘s commitment to guarantee the financing of the operation would be put on paper, and would cover the debt part.

JP Morgan is not new to supporting private equity fund takeovers and is also familiar with the Italian financial context since, as the newspaper vividly remembers, it supported the 100 billion lira public offering of Roberto Colaninno in 1999, and in 2016 he met former Prime Minister Matteo Renzi on the Monte dei Paschi di Siena (file MI 🙂.

Besides Jamie Dimon’s bank, other investment giants like Morgan Stanley (NYSE 🙂e Citigroup (NYSE:), which could support the operation with enormous capital by satisfying the demands of the French for Vivendi (PA 🙂 who doesn’t want to end the Italian campaign in defeat.

The names of the consultants are also interesting. As Carlo Festa reports on Sole24Ore (MI:), among these would be Piergiorgio Peluso, former CFO of TIM who closely followed the Kkr operation on Fibercoop and saw the American fund reach 37% of the secondary network of the former state monopoly.

Kkr’s competitors, the private equity funds CVC and Advent, would instead be supported by Nomura, a Japanese bank which can count in Italy on a senior adviser such as Marco Patuano, former CEO of Telecom and currently number one of A2A (MI :).

For his part, TIM does not sit idly by. The company at the center of the offer has already spoken with Bank of America (NYSE 🙂 and Goldman Sachs (NYSE:), both protagonists with Intesa Sanpaolo (MI 🙂 in the reorganization of the Inwit towers (MI 🙂.

And the Italian banks? Due to rumors, Intesa (MI 🙂 is said to be close to a decision while UniCredit (MI 🙂 and Mediobanca (MI 🙂 have yet to decide what to do.

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