- The likelihood of U.S. fund KKR & Co Inc (NYSE:KKR) pushing ahead with a firm bid for Telecom Italia SpA (OTC:TIIAY) turned bleaker as they deadlocked over access to the company's books, Reuters reports.
- KKR refused to confirm a bid unless Telecom Italia provided access to its books under a due diligence process.
- KKR needed more information as the war in Ukraine had changed market conditions.
- Telecom Italia focused on being a standalone company and only looked to offer KKR access once it bid formally.
- Telecom Italia looked to split its wholesale network operations from its service business.
- The Italian telecom company had cut its outlook and suffered multiple credit rating downgrades.
- European private equity fund CVC looked to procure a stake in an enterprise services business spun out of Telecom Italia.
- Telecom Italia looked with Italian state lender CDP to discuss combining the phone group's network with smaller broadband rival Open Fiber.
- Price Action: KKR shares closed higher by 0.27% at $59.94 on Monday.
