Louis Goss is a MarketWatch reporter based in London.
Telecom Italia’s TIT, -1.62% top shareholder has vowed to “use any legal means at its disposal” to block the Italian phone company from selling its fixed infrastructure assets to U.S. private equity giant Kohlberg Kravis Roberts & Co for nearly $24 billion.
Now, Vivendi is arguing any decision to approve the deal should have been put to a shareholder vote. The Parisian firm said “shareholders’ rights have been trampled on” as it argued the Telecom Italia’s board had breached corporate governance rules. The phone company’s board, however, rejected KKR’s bid to buy its subsea cables company, Sparkle, as it called on the fund to offer a higher price. Telecom Italia says it expects to close the deal by summer 2024.
KKR’s deal would transform Telecom Italia into a more streamlined operation, focused on the selling of phone services in Brazil and Italy.
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