Telecom Italia SpA announced that the former CEO of the company, Luigi Gubitosi resigned from the board. of the company with immediate effect.
Gubitosi has reached an agreement with the company regarding his departure, which includes a compensation package of 6.9 million Euros.
Gubitosi had resigned as head of the Italian telecommunications group at the end of November, but remained on the board. The company is currently looking for a new CEO.
At that time, Telecom Italia stated that the BoD would begin considering a non-binding takeover bid by the US group KKR & Co.
On Friday, Telecom Italia said it was considering an expression of interest from KKR to privatize the company with a share price of 0.505 euros, or a total of 12 billion euros, and said it would take time.
“At this level, a thorough evaluation of the non-binding offer is under way, as well as a comparison with the prospects and evaluation of other strategic alternatives, in order to decide, inter alia, whether it will grant access to the due diligence requested by the KKR.” , the company reported.
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Source From: Capital
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