Viewsroom: Barbarians invade Rome; Biden’s Fed

Viewsroom

Reuters

News

4.4 • 58 Ratings

🗓️ 25 November 2021

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

The board of Italy’s phone monopoly has a golden opportunity to end to years of creeping control, poor governance and dismal performance by considering a sale following the unsolicited $12 bln bid from KKR. And Gina Chon explains why Jay Powell has the hardest job in finance. See acast.com/privacy for privacy and opt-out information. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	The views expressed on this podcast are those of the participants, not of Roger's News.
0:08.8	Italy's telecoms and monopoly is under siege from KKR, the private equity firm once branded as a bunch of barbarians.
0:14.9	The irony is they may turn out to be the good guys here.
0:17.6	And who's got the hardest job in global finance?
0:19.6	Stay tuned to find out.
0:20.8	If you're listening to this podcast, you must recognize the value of asking good guys here. And who's got the hardest job in global finance? Stay tuned to find out.
0:25.6	If you're listening to this podcast, you must recognize the value of asking questions.
0:32.4	At Aramco, our questions help us engineer a better future. How can today's resources fuel our shared tomorrow? How can we deliver energy to a world that can't stop? How can we deliver one of the fuels of the future?
0:40.3	How can we sow curiosity to harvest ingenuity? To learn more about how innovation drives us forward,
0:47.2	visit Aramco.com slash powered by how. Welcome to the views. I'm Rob Cox, the editor of breaking
0:53.9	views of financial commentary arm of Reuters, coming to you from Zurich, Switzerland.
0:57.9	Well, the top story in European finance this week involved barbarians sacking Rome. Not exactly, but KKR, the private equity firm that once upon a time was dubbed a barbarian at the gate,
1:08.3	telephone telecom Italia with a $12 billion offer to take it private.
1:12.6	It's a fascinating story, not least because of the checkered history of the former telecom's monopoly.
1:17.7	A succession of raiders has used slivers of capital over the years to exert control over Telecom Italia.
1:23.2	It's not been a happy tale for investors, though.
1:25.1	They have seen some $23 billion of value evaporate
1:28.3	over the past two decades, and the company, which has had more CEOs than there have been
1:32.4	prime ministers in Italy of late, has been starved of capital and struggled to invest and compete.
1:37.9	The irony here is that at KKR, once upon a time criticized for its difficult tactics and
1:43.3	not treating shareholders well is
1:45.5	in a position to end years of crappy governance and poor treatment of minority shareholders.
	...

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