KKR's Telecom Italia Takeover Hit Roadblock Over Takeover Process: Reuters - KKR (NYSE:KKR), Telecom Ital

The likelihood of U.S. fund KKR & Co Inc (NYSE:KKR) pushing ahead with a firm bid for Telecom Italia SpA (OTC:TIIAY) turned bleaker as they deadlocked over access to the company's books, Reuters reports.
KKR refused to confirm a bid unless Telecom Italia provided access to its books under a due diligence process.
KKR needed more information as the war in Ukraine had changed market conditions.
Telecom Italia focused on being a standalone company and only looked to offer KKR access once it bid formally.
Telecom Italia looked to split its wholesale network operations from its service business.
The Italian telecom company had cut its outlook and suffered multiple credit rating downgrades.
European private equity fund CVC looked to procure a stake in an enterprise services business spun out of Telecom Italia.
Telecom Italia looked with Italian state lender CDP to discuss combining the phone group's network with smaller broadband rival Open Fiber.
Price Action: KKR shares closed higher by 0.27% at $59.94 on Monday.

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