Telecom Italia received fresh non-binding offers for fixed spin-off Netco from both parties vying for the assets, with the company’s board set to assess the proposals at a pair of meetings next week.
Following the passing of the deadline for improved offers for Netco on 9 June, the operator confirmed it had offers from the suitors which would undergo a preliminary assessment before being looked over by its board.
One proposal came from KKR, with the other submitted by a consortium formed by CDP Equity and Macquarie Infrastructure and Real Assets (Europe).
Previous offers were deemed inadequate by Telecom Italia chiefs.
The operator did not provide detail on the content of the new proposals, though Reuters reported KKR had put itself into pole position after raising its offer by up to €2 billion over its original play. Its sources noted the rival submission was largely unchanged from an economic perspective.
Last month, Bloomberg claimed the bidding war was almost over, with rumours CDP was pulling its support for the consortium with Macquarie, however given Telecom Italia’s statement it would appear the alliance remains intact.