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TELECOMS
<strong>KKR news hits TIM shares</strong>
Telecom Italia SpA (TIM) shares yesterday tumbled as much as 7.4 percent in Milan after reports that KKR & Co planned to drop a 10.8 billion euro (US$11.91 billion) takeover proposal if the ex-phone monopoly does not grant it the due diligence KKR has requested since November last year, people familiar with the matter said. In a letter that was expected yesterday, KKR was set to reiterate its interest in making a possible bid, the people said. The US investment firm was to make clear that it wants to review the phone carrier’s finances even more