Telecom Italia Falls on Report CDP Dropping $21 Billion Grid Bid
- Cassa Depositi is pulling out of bidding war with US-based KKR
- Move follows call from carrier for bidders to improve offers
Telecom Italia SpA headquarters in Milan, Italy.
Photographer: Federico Bernini/BloombergThis article is for subscribers only.
Telecom Italia SpA fell on Tuesday following a Bloomberg report that Italy’s state lender will drop its offer for the carrier’s landline network, ending a bidding war with KKR & Co.
The lender, Cassa Depositi e Prestiti SpA, and partner Macquarie Asset Management had decided to raise their previous offer last month, but will now pull the plug on that plan, people familiar with the matter said. In April, Cassa Depositi, known as CDP, valued the network at €19.3 billion ($21 billion), the people said.