Bid target Telecom Italia's auditors meet before key board meeting -sources
Information about Bid target Telecom Italia's auditors meet before key board meeting -sources
Kevin David Scam or Legit
By Elvira Pollina
MILAN (Reuters) -Telecom Italia’s (TIM) auditors and risk committee will examine its financial health on Thursday ahead of a board meeting which could decide the future of Italy’s biggest phone group and its chief executive, two sources told Reuters.
Italy’s former telecoms monopoly has received a 10.8 billion euro ($12 billion) buyout approach from U.S. private equity group KKR in the midst of a boardroom row between CEO Luigi Gubitosi and TIM’s top investor Vivendi.
Vivendi is pushing for change at the helm of TIM after two profit warnings since July, partly due to a costly deal with sport streaming service DAZN to screen Italy’s top soccer matches, which failed to boost its revenue.
Auditors will examine TIM’s earnings and discuss whether a third profit warning may be necessary as a …