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2021-11-25

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How KKR Got Italian PM Mario Draghi on Board With Its Telecom Bid<blockquote>KKR 如何让意大利总理马里奥·德拉吉参与其电信收购</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":877091314,"tweetId":"877091314","gmtCreate":1637836022021,"gmtModify":1637836022021,"author":{"id":4099923234941180,"idStr":"4099923234941180","authorId":4099923234941180,"authorIdStr":"4099923234941180","name":"Vinie Soh","avatar":"https://static.tigerbbs.com/d3cec26f2c00c8fcedd689a7af49cda4","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":3,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Good</body></html>","htmlText":"<html><head></head><body>Good</body></html>","text":"Good","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/877091314","repostId":1132184015,"repostType":4,"repost":{"id":"1132184015","kind":"news","pubTimestamp":1637827485,"share":"https://www.laohu8.com/m/news/1132184015?lang=zh_CN&edition=full","pubTime":"2021-11-25 16:04","market":"us","language":"en","title":"How KKR Got Italian PM Mario Draghi on Board With Its Telecom Bid<blockquote>KKR 如何让意大利总理马里奥·德拉吉参与其电信收购</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132184015","media":"Bloomberg","summary":"(Bloomberg) -- Before going public with a $12 billion offer for Telecom Italia SpA, U.S. buyout firm","content":"(Bloomberg) -- Before going public with a $12 billion offer for Telecom Italia SpA, U.S. buyout firm KKR &amp; Co. needed to make sure one key stakeholder was on board: Italian Prime Minister Mario Draghi.<blockquote>（彭博社）——在以 120 亿美元收购意大利电信 SpA 之前，美国收购公司 KKR &amp; Co. 需要确保有一个关键利益相关者加入：意大利总理马里奥·德拉吉 (Mario Draghi)。</blockquote> The KKR team was clear that they couldn’t proceed with the bid unless they had the government’s support, according to people familiar with the matter. So earlier this month they headed to Rome to sit down with Italian officials. Draghi had some conditions, the people said, but the government ultimately gave New York-based KKR the green light.<blockquote>据熟悉内情的人士透露，KKR 团队明确表示，除非得到政府的支持，否则他们无法继续竞标。因此，本月早些时候，他们前往罗马与意大利官员会谈。知情人士说，德拉吉有一些条件，但政府最终为总部位于纽约的KKR开了绿灯。</blockquote> The bid announced last Sunday offers 74-year-old Draghi a potential solution to Italy’s longstanding problems with the troubled former phone monopoly. But it could also do a lot more than that.<blockquote>上周日宣布的收购为 74 岁的德拉吉提供了一个解决意大利长期存在的前电话垄断问题的潜在方案。但它还可以做更多的事情。</blockquote> It will give the government more power to execute on Draghi’s plans to upgrade the economy while cementing the country’s economic ties to the U.S. and Joe Biden’s administration. It might also please French President Emmanuel Macron, a firm ally of the Italian leader, and one he needs on side given that Telecom’s biggest shareholder is Paris-based Vivendi SE.<blockquote>这将使政府有更多权力执行德拉吉的经济升级计划，同时巩固该国与美国和乔-拜登政府的经济联系。法国总统埃马纽埃尔-马克龙（Emmanuel Macron）也可能会对此感到高兴，他是意大利领导人的坚定盟友，鉴于电信公司的最大股东是总部位于巴黎的维旺迪公司（Vivendi SE），他需要一个支持他的人。</blockquote> Telecom Italia has seen its stock price tumble more than 30% since June and issued two profit warnings as it struggled to defend its position in the fiercely competitive Italian market.<blockquote>自 6 月份以来，意大利电信的股价暴跌了 30% 以上，并发布了两次盈利预警，以努力捍卫其在竞争激烈的意大利市场的地位。</blockquote> Yet the company has a key role to play in Draghi’s plans to upgrade the Italian economy. The phone operator could receive billions of euros in European Union recovery funds to build ultra-fast broadband connections across the country. So in considering the bid, the prime minister’s team was focused on one critical part of the company: the broadband network.<blockquote>然而，在德拉吉提升意大利经济的计划中，该公司可以发挥关键作用。这家电话运营商可能会获得数十亿欧元的欧盟复苏基金，用于在全国范围内建设超高速宽带连接。因此，在考虑竞购时，总理团队将重点放在了公司的一个关键部分：宽带网络。</blockquote> “The government has three priorities in analyzing this offer and the future of Telecom Italia,” Draghi said at a press conference on Wednesday. “The first is protecting employment, the second is protecting the technology, which is of great value, and the third is the protection of the network.” A spokesman for the government declined to comment further when contacted by Bloomberg.<blockquote>“德拉吉在周三的新闻发布会上说：”政府在分析这一提议和意大利电信的未来时有三个优先事项。“第一是保就业，第二是保技术，这是很有价值的，第三是保网络。”彭博社联系政府发言人时，拒绝进一步置评。</blockquote> Draghi is in the perfect position to understand the complexities and benefits of the deal. Before joining Goldman Sachs in 2002 he spearheaded a vast privatization program and was very familiar with Telecom’s strategic value along with its problems. The government back in 2017 deployed its rarely used “golden power” to rein in the influence of Vivendi.<blockquote>德拉吉完全有能力理解这笔交易的复杂性和好处。在 2002 年加入高盛之前，他领导了一项庞大的私有化计划，对电信的战略价值及其问题非常熟悉。早在 2017 年，政府就动用了很少使用的 “黄金力量 ”来遏制维旺迪的影响力。</blockquote> So when KKR came knocking, he was engaged and all too familiar with Telecom’s history.<blockquote>因此，当 KKR 来敲门时，他已经订婚了，对电信公司的历史再熟悉不过了。</blockquote> The structure that was informally agreed between KKR and the government would see the network controlled by the Italian state and carved off into in a separate company with a solid stream of revenue. The deal would also see a bigger role for state lender Cassa Depositi e Prestiti SpA, Telecom Italia’s second biggest investor.<blockquote>根据KKR和政府非正式商定的结构，该网络将由意大利政府控制，并被分割成一家独立的公司，拥有稳定的收入来源。在这笔交易中，意大利电信的第二大投资者、国家贷款机构 Cassa Depositi e Prestiti SpA 也将发挥更大的作用。</blockquote> Cassa Depositi, which also controls Telecom Italia’s smaller rival Open Fiber SpA, will present its new business plan Thursday as Chief Executive Officer Dario Scannapieco looks to put his stamp on the state lender. Scannapieco, a longtime ally of the prime minister, was appointed earlier this year as Draghi looked to involve Cassa Depositi in his plans for fixing up the economy.<blockquote>Cassa Depositi 还控制着意大利电信规模较小的竞争对手 Open Fiber SpA，该公司将于周四公布其新的商业计划，首席执行官达里奥-斯坎纳皮科（Dario Scannapieco）希望在这家国有银行上留下自己的印记。斯坎纳皮科是总理的长期盟友，今年早些时候被任命，因为德拉吉希望让储蓄银行参与他修复经济的计划。</blockquote> KKR could get to control the company’s commercial operations and its mobile phone business.<blockquote>KKR 可能会控制该公司的商业运营和手机业务。</blockquote> A deal with KKR would provide an obvious benefit for Italy’s economic ties with the U.S. The political blessing from France’s is more personal.<blockquote>与 KKR 达成协议将为意大利与美国的经济关系带来明显的好处。法国的政治祝福更多的是个人化的。</blockquote> The deal would likely be welcomed by Macron, according to two people with knowledge of the discussions, even though it would end Vivendi’s control of the phone operator. That’s because Vivendi’s billionaire owner Vincent Bollore has been stirring up right-wing opposition to Macron ahead of next year’s election.<blockquote>据两位了解讨论情况的人士透露，这笔交易很可能会受到马克龙的欢迎，尽管这将结束维旺迪对这家电话运营商的控制。这是因为维旺迪（Vivendi）的亿万富翁老板文森特-博洛雷（Vincent Bollore）一直在煽动右翼人士在明年大选前反对马克龙。</blockquote> Macron and Draghi have become close allies since the former European Central Bank chief took office in Italy in February. The future of Telecom Italia is likely to come up when the French leader visits Rome to sign a bilateral treaty Friday that will cement their countries’ cooperation.<blockquote>自这位前欧洲央行行长二月份在意大利上任以来，马克龙和德拉吉已成为亲密盟友。当法国领导人周五访问罗马并签署一项双边条约时，意大利电信的未来很可能会浮出水面，该条约将巩固两国的合作。</blockquote> But KKR needs to square off Vivendi. The French media-conglomerate has so far resisted KKR’s offer while indicating it might be ready to do a deal at a higher price. But it might still have to accept a loss on its initial investment.<blockquote>但KKR需要对抗维旺迪。这家法国媒体集团迄今为止一直抵制 KKR 的报价，同时表示可能准备以更高的价格进行交易。但它可能仍然不得不接受初始投资的损失。</blockquote> In the meantime, Vivendi is going on the offensive. It will seek to oust Telecom Italia Chief Executive Officer Luigi Gubitosi at a board meeting scheduled for Nov. 26. Vivendi has repeatedly clashed with the CEO and suspects that he may have solicited the bid from KKR, people familiar with the matter said earlier this week.<blockquote>与此同时，维旺迪正在发起进攻。它将在定于 11 月 26 日举行的董事会会议上寻求罢免意大利电信首席执行官 Luigi Gubitosi。知情人士本周早些时候表示，维旺迪曾多次与这位首席执行官发生冲突，并怀疑他可能向 KKR 招标。</blockquote> Gubitosi’s drive to boost premium services has failed to reverse a precipitous decline in Telecom Italia’s shares, and he’s been under mounting pressure from Vivendi to accelerate a turnaround ever since he issued a surprise profit warning last month.<blockquote>古比托西推动优质服务的努力未能扭转意大利电信股价的急剧下跌局面，自从上个月他发出意外盈利预警以来，他一直受到来自维旺迪的越来越大的压力，要求他加快扭亏为盈。</blockquote> Draghi’s administration meanwhile has set up a special committee to monitor talks between Telecom Italia and KKR which will focuses who will control the network and on any potential job losses -- which is one concern the government does have. The group held its initial meeting this week.<blockquote>与此同时，德拉吉政府成立了一个特别委员会来监督意大利电信和 KKR 之间的谈判，该委员会将重点关注谁将控制网络以及任何潜在的失业问题--这是政府确实关心的问题之一。该小组本周举行了首次会议。</blockquote> On Sunday night as the official details of the offer emerged, Draghi’s office was closely involved as the government swiftly delivered its verdict. The offer is “good news” for Italy, the government said.<blockquote>周日晚，随着提议的官方细节浮出水面，德拉吉的办公室密切参与了政府迅速做出裁决。意大利政府表示，这一提议对意大利来说是 “好消息”。</blockquote>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How KKR Got Italian PM Mario Draghi on Board With Its Telecom Bid<blockquote>KKR 如何让意大利总理马里奥·德拉吉参与其电信收购</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow KKR Got Italian PM Mario Draghi on Board With Its Telecom Bid<blockquote>KKR 如何让意大利总理马里奥·德拉吉参与其电信收购</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBloomberg2021-11-25 16:04\n\n</h4>\n</header>\n<article>\n(Bloomberg) -- Before going public with a $12 billion offer for Telecom Italia SpA, U.S. buyout firm KKR &amp; Co. needed to make sure one key stakeholder was on board: Italian Prime Minister Mario Draghi.<blockquote>（彭博社）——在以 120 亿美元收购意大利电信 SpA 之前，美国收购公司 KKR &amp; Co. 需要确保有一个关键利益相关者加入：意大利总理马里奥·德拉吉 (Mario Draghi)。</blockquote> The KKR team was clear that they couldn’t proceed with the bid unless they had the government’s support, according to people familiar with the matter. So earlier this month they headed to Rome to sit down with Italian officials. Draghi had some conditions, the people said, but the government ultimately gave New York-based KKR the green light.<blockquote>据熟悉内情的人士透露，KKR 团队明确表示，除非得到政府的支持，否则他们无法继续竞标。因此，本月早些时候，他们前往罗马与意大利官员会谈。知情人士说，德拉吉有一些条件，但政府最终为总部位于纽约的KKR开了绿灯。</blockquote> The bid announced last Sunday offers 74-year-old Draghi a potential solution to Italy’s longstanding problems with the troubled former phone monopoly. But it could also do a lot more than that.<blockquote>上周日宣布的收购为 74 岁的德拉吉提供了一个解决意大利长期存在的前电话垄断问题的潜在方案。但它还可以做更多的事情。</blockquote> It will give the government more power to execute on Draghi’s plans to upgrade the economy while cementing the country’s economic ties to the U.S. and Joe Biden’s administration. It might also please French President Emmanuel Macron, a firm ally of the Italian leader, and one he needs on side given that Telecom’s biggest shareholder is Paris-based Vivendi SE.<blockquote>这将使政府有更多权力执行德拉吉的经济升级计划，同时巩固该国与美国和乔-拜登政府的经济联系。法国总统埃马纽埃尔-马克龙（Emmanuel Macron）也可能会对此感到高兴，他是意大利领导人的坚定盟友，鉴于电信公司的最大股东是总部位于巴黎的维旺迪公司（Vivendi SE），他需要一个支持他的人。</blockquote> Telecom Italia has seen its stock price tumble more than 30% since June and issued two profit warnings as it struggled to defend its position in the fiercely competitive Italian market.<blockquote>自 6 月份以来，意大利电信的股价暴跌了 30% 以上，并发布了两次盈利预警，以努力捍卫其在竞争激烈的意大利市场的地位。</blockquote> Yet the company has a key role to play in Draghi’s plans to upgrade the Italian economy. The phone operator could receive billions of euros in European Union recovery funds to build ultra-fast broadband connections across the country. So in considering the bid, the prime minister’s team was focused on one critical part of the company: the broadband network.<blockquote>然而，在德拉吉提升意大利经济的计划中，该公司可以发挥关键作用。这家电话运营商可能会获得数十亿欧元的欧盟复苏基金，用于在全国范围内建设超高速宽带连接。因此，在考虑竞购时，总理团队将重点放在了公司的一个关键部分：宽带网络。</blockquote> “The government has three priorities in analyzing this offer and the future of Telecom Italia,” Draghi said at a press conference on Wednesday. “The first is protecting employment, the second is protecting the technology, which is of great value, and the third is the protection of the network.” A spokesman for the government declined to comment further when contacted by Bloomberg.<blockquote>“德拉吉在周三的新闻发布会上说：”政府在分析这一提议和意大利电信的未来时有三个优先事项。“第一是保就业，第二是保技术，这是很有价值的，第三是保网络。”彭博社联系政府发言人时，拒绝进一步置评。</blockquote> Draghi is in the perfect position to understand the complexities and benefits of the deal. Before joining Goldman Sachs in 2002 he spearheaded a vast privatization program and was very familiar with Telecom’s strategic value along with its problems. The government back in 2017 deployed its rarely used “golden power” to rein in the influence of Vivendi.<blockquote>德拉吉完全有能力理解这笔交易的复杂性和好处。在 2002 年加入高盛之前，他领导了一项庞大的私有化计划，对电信的战略价值及其问题非常熟悉。早在 2017 年，政府就动用了很少使用的 “黄金力量 ”来遏制维旺迪的影响力。</blockquote> So when KKR came knocking, he was engaged and all too familiar with Telecom’s history.<blockquote>因此，当 KKR 来敲门时，他已经订婚了，对电信公司的历史再熟悉不过了。</blockquote> The structure that was informally agreed between KKR and the government would see the network controlled by the Italian state and carved off into in a separate company with a solid stream of revenue. The deal would also see a bigger role for state lender Cassa Depositi e Prestiti SpA, Telecom Italia’s second biggest investor.<blockquote>根据KKR和政府非正式商定的结构，该网络将由意大利政府控制，并被分割成一家独立的公司，拥有稳定的收入来源。在这笔交易中，意大利电信的第二大投资者、国家贷款机构 Cassa Depositi e Prestiti SpA 也将发挥更大的作用。</blockquote> Cassa Depositi, which also controls Telecom Italia’s smaller rival Open Fiber SpA, will present its new business plan Thursday as Chief Executive Officer Dario Scannapieco looks to put his stamp on the state lender. Scannapieco, a longtime ally of the prime minister, was appointed earlier this year as Draghi looked to involve Cassa Depositi in his plans for fixing up the economy.<blockquote>Cassa Depositi 还控制着意大利电信规模较小的竞争对手 Open Fiber SpA，该公司将于周四公布其新的商业计划，首席执行官达里奥-斯坎纳皮科（Dario Scannapieco）希望在这家国有银行上留下自己的印记。斯坎纳皮科是总理的长期盟友，今年早些时候被任命，因为德拉吉希望让储蓄银行参与他修复经济的计划。</blockquote> KKR could get to control the company’s commercial operations and its mobile phone business.<blockquote>KKR 可能会控制该公司的商业运营和手机业务。</blockquote> A deal with KKR would provide an obvious benefit for Italy’s economic ties with the U.S. The political blessing from France’s is more personal.<blockquote>与 KKR 达成协议将为意大利与美国的经济关系带来明显的好处。法国的政治祝福更多的是个人化的。</blockquote> The deal would likely be welcomed by Macron, according to two people with knowledge of the discussions, even though it would end Vivendi’s control of the phone operator. That’s because Vivendi’s billionaire owner Vincent Bollore has been stirring up right-wing opposition to Macron ahead of next year’s election.<blockquote>据两位了解讨论情况的人士透露，这笔交易很可能会受到马克龙的欢迎，尽管这将结束维旺迪对这家电话运营商的控制。这是因为维旺迪（Vivendi）的亿万富翁老板文森特-博洛雷（Vincent Bollore）一直在煽动右翼人士在明年大选前反对马克龙。</blockquote> Macron and Draghi have become close allies since the former European Central Bank chief took office in Italy in February. The future of Telecom Italia is likely to come up when the French leader visits Rome to sign a bilateral treaty Friday that will cement their countries’ cooperation.<blockquote>自这位前欧洲央行行长二月份在意大利上任以来，马克龙和德拉吉已成为亲密盟友。当法国领导人周五访问罗马并签署一项双边条约时，意大利电信的未来很可能会浮出水面，该条约将巩固两国的合作。</blockquote> But KKR needs to square off Vivendi. The French media-conglomerate has so far resisted KKR’s offer while indicating it might be ready to do a deal at a higher price. But it might still have to accept a loss on its initial investment.<blockquote>但KKR需要对抗维旺迪。这家法国媒体集团迄今为止一直抵制 KKR 的报价，同时表示可能准备以更高的价格进行交易。但它可能仍然不得不接受初始投资的损失。</blockquote> In the meantime, Vivendi is going on the offensive. It will seek to oust Telecom Italia Chief Executive Officer Luigi Gubitosi at a board meeting scheduled for Nov. 26. Vivendi has repeatedly clashed with the CEO and suspects that he may have solicited the bid from KKR, people familiar with the matter said earlier this week.<blockquote>与此同时，维旺迪正在发起进攻。它将在定于 11 月 26 日举行的董事会会议上寻求罢免意大利电信首席执行官 Luigi Gubitosi。知情人士本周早些时候表示，维旺迪曾多次与这位首席执行官发生冲突，并怀疑他可能向 KKR 招标。</blockquote> Gubitosi’s drive to boost premium services has failed to reverse a precipitous decline in Telecom Italia’s shares, and he’s been under mounting pressure from Vivendi to accelerate a turnaround ever since he issued a surprise profit warning last month.<blockquote>古比托西推动优质服务的努力未能扭转意大利电信股价的急剧下跌局面，自从上个月他发出意外盈利预警以来，他一直受到来自维旺迪的越来越大的压力，要求他加快扭亏为盈。</blockquote> Draghi’s administration meanwhile has set up a special committee to monitor talks between Telecom Italia and KKR which will focuses who will control the network and on any potential job losses -- which is one concern the government does have. The group held its initial meeting this week.<blockquote>与此同时，德拉吉政府成立了一个特别委员会来监督意大利电信和 KKR 之间的谈判，该委员会将重点关注谁将控制网络以及任何潜在的失业问题--这是政府确实关心的问题之一。该小组本周举行了首次会议。</blockquote> On Sunday night as the official details of the offer emerged, Draghi’s office was closely involved as the government swiftly delivered its verdict. The offer is “good news” for Italy, the government said.<blockquote>周日晚，随着提议的官方细节浮出水面，德拉吉的办公室密切参与了政府迅速做出裁决。意大利政府表示，这一提议对意大利来说是 “好消息”。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/kkr-got-italian-pm-mario-064756630.html\">Bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KKR":"KKR & Co L.P."},"source_url":"https://finance.yahoo.com/news/kkr-got-italian-pm-mario-064756630.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132184015","content_text":"(Bloomberg) -- Before going public with a $12 billion offer for Telecom Italia SpA, U.S. buyout firm KKR & Co. needed to make sure one key stakeholder was on board: Italian Prime Minister Mario Draghi.\nThe KKR team was clear that they couldn’t proceed with the bid unless they had the government’s support, according to people familiar with the matter. So earlier this month they headed to Rome to sit down with Italian officials. Draghi had some conditions, the people said, but the government ultimately gave New York-based KKR the green light.\nThe bid announced last Sunday offers 74-year-old Draghi a potential solution to Italy’s longstanding problems with the troubled former phone monopoly. But it could also do a lot more than that.\nIt will give the government more power to execute on Draghi’s plans to upgrade the economy while cementing the country’s economic ties to the U.S. and Joe Biden’s administration. It might also please French President Emmanuel Macron, a firm ally of the Italian leader, and one he needs on side given that Telecom’s biggest shareholder is Paris-based Vivendi SE.\nTelecom Italia has seen its stock price tumble more than 30% since June and issued two profit warnings as it struggled to defend its position in the fiercely competitive Italian market.\nYet the company has a key role to play in Draghi’s plans to upgrade the Italian economy. The phone operator could receive billions of euros in European Union recovery funds to build ultra-fast broadband connections across the country. So in considering the bid, the prime minister’s team was focused on one critical part of the company: the broadband network.\n“The government has three priorities in analyzing this offer and the future of Telecom Italia,” Draghi said at a press conference on Wednesday. “The first is protecting employment, the second is protecting the technology, which is of great value, and the third is the protection of the network.” A spokesman for the government declined to comment further when contacted by Bloomberg.\nDraghi is in the perfect position to understand the complexities and benefits of the deal. Before joining Goldman Sachs in 2002 he spearheaded a vast privatization program and was very familiar with Telecom’s strategic value along with its problems. The government back in 2017 deployed its rarely used “golden power” to rein in the influence of Vivendi.\nSo when KKR came knocking, he was engaged and all too familiar with Telecom’s history.\nThe structure that was informally agreed between KKR and the government would see the network controlled by the Italian state and carved off into in a separate company with a solid stream of revenue. The deal would also see a bigger role for state lender Cassa Depositi e Prestiti SpA, Telecom Italia’s second biggest investor.\nCassa Depositi, which also controls Telecom Italia’s smaller rival Open Fiber SpA, will present its new business plan Thursday as Chief Executive Officer Dario Scannapieco looks to put his stamp on the state lender. Scannapieco, a longtime ally of the prime minister, was appointed earlier this year as Draghi looked to involve Cassa Depositi in his plans for fixing up the economy.\nKKR could get to control the company’s commercial operations and its mobile phone business.\nA deal with KKR would provide an obvious benefit for Italy’s economic ties with the U.S. The political blessing from France’s is more personal.\nThe deal would likely be welcomed by Macron, according to two people with knowledge of the discussions, even though it would end Vivendi’s control of the phone operator. That’s because Vivendi’s billionaire owner Vincent Bollore has been stirring up right-wing opposition to Macron ahead of next year’s election.\nMacron and Draghi have become close allies since the former European Central Bank chief took office in Italy in February. The future of Telecom Italia is likely to come up when the French leader visits Rome to sign a bilateral treaty Friday that will cement their countries’ cooperation.\nBut KKR needs to square off Vivendi. The French media-conglomerate has so far resisted KKR’s offer while indicating it might be ready to do a deal at a higher price. But it might still have to accept a loss on its initial investment.\nIn the meantime, Vivendi is going on the offensive. It will seek to oust Telecom Italia Chief Executive Officer Luigi Gubitosi at a board meeting scheduled for Nov. 26. Vivendi has repeatedly clashed with the CEO and suspects that he may have solicited the bid from KKR, people familiar with the matter said earlier this week.\nGubitosi’s drive to boost premium services has failed to reverse a precipitous decline in Telecom Italia’s shares, and he’s been under mounting pressure from Vivendi to accelerate a turnaround ever since he issued a surprise profit warning last month.\nDraghi’s administration meanwhile has set up a special committee to monitor talks between Telecom Italia and KKR which will focuses who will control the network and on any potential job losses -- which is one concern the government does have. The group held its initial meeting this week.\nOn Sunday night as the official details of the offer emerged, Draghi’s office was closely involved as the government swiftly delivered its verdict. The offer is “good news” for Italy, the government said.","news_type":1,"symbols_score_info":{"KKR":0.9}},"isVote":1,"tweetType":1,"viewCount":3936,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/877091314"}