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Telecom Italia CEO Offers Resignation to Speed KKR Bid

  • Top shareholder Vivendi has said that the offer is too low
  • KKR may seek to team up with CVC to shoulder burden of bid
Luigi Gubitosi
Luigi GubitosiPhotographer: Alessia Pierdomenico/Bloomberg
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Telecom Italia SpA Chief Executive Officer Luigi Gubitosi said he’d be willing to resign to help move forward a takeover offer from KKR & Co which has been rejected by the former monopoly’s largest shareholder.

In a letter to the board ahead of a crucial meeting Friday, Gubitosi said stepping aside could help speed the process, which has hit a snag following KKR’s 10.8 billion-euro ($12.2 billion) overture on Nov. 21. France’s Vivendi SE, Telecom Italia’s top shareholder with a 24% stake, has already signaled it views the offer as too low.