KKR $12 Billion Telecom Italia Bid Faces Vivendi Opposition
- Vivendi unlikely to back bid it sees as undervaluing company
- Draghi government has golden share, will review overture
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KKR & Co. is setting the stage for a battle of control at Italy’s biggest phone company with a 10.8 billion-euro ($12.2 billion) bid pitting the U.S. private-equity fund against France’s Vivendi SE.
Vivendi, the largest shareholder in Telecom Italia SpA, is unlikely to support KKR’s 50.5 euro cent per-share offer, which it views as too low, according to people with direct knowledge of the situation.