Apple to Make App Store Changes to Avoid EU Fines
Apple made changes to its App Store policies to comply with the European Union’s Digital Markets Act.
The largest shareholder of Telecom Italia, Vivendi, distanced away from a possible sale of its stake to private equity investor KKR. Vivendi insists to remain a long-term investor and is determined to achieve success.
The French group also explained KKR’s indicative offer of €0.505 per share does not adequately reflect the operator’s value. Vivendi spent an average of €1.07 on its 24% stake in Telecom Italia, so it would be making a loss based on the first bid.
KKR has stated it would be willing to accept a minimum threshold of 51%, meaning it does not necessarily need Vivendi’s support. However, a deal would require backing from two-thirds of the board, which KKR would struggle to achieve without Vivendi on deck.
The deal also needs approval from the Italian government, which holds special veto powers on a takeover. Industry Minister Giancarlo Giorgetti said the government will discuss a takeover when KKR makes a binding proposal.