KKR could block FiberCop transfer

A report from Italy suggests that US investment firm KKR could potentially block a move by Telecom Italia (TIM) to transfer last-mile networks unit FiberCop to a new infrastructure business, as part of a wider separation of its wholesale and retail operations. KKR owns a 37.5% stake in FiberCop and has submitted a takeover offer for TIM, though TIM has yet to respond, with shareholders thought to see the bid as too low. The transfer of network assets to a new company could pave the way for a merger with state-backed wholesale provider Open Fiber, which has been mooted for some time. La Stampa reported this weekend, however, that KKR would not allow FiberCop to be folded into a new network company.