US fund KKR interested in Italian telecoms giant TIM

ROME (AP) — The Italian telecommunications company TIM says it is assessing a non-binding “indication of interest” by the U.S. investment fund KKR. TIM in a statement issued on Sunday evening says its board of directors met and “acknowledged” the fund’s interest in launching a possible public tender for the entire capital share of the company. The due diligence process is expected to take four weeks. Although TIM is a private company quoted on the stock exchange, because it is considered a strategic asset for Italy, the Italian government can exercise its so-called “golden power” option to oppose any acquisition it considers wouldn’t be in the public’s interest.