KKR & Co. Inc. (NYSE:KKR) cannot confirm its 10.8 billion euro takeover approach for Telecom Italia S.p.A. (BIT:TIT) (TIM) unless Italy’s biggest telecoms group provides access to the its books, the U.S. fund said in a letter to TIM, according to a source. KKR submitted its non-binding takeover proposal for TIM in November 2021, having already invested €1.8 billion for a 37.5% stake in the group’s last-mile fixed-line network. TIM left the New York-based fund waiting for four months without an answer before agreeing earlier in March 2022 to engage in talks, while pressing ahead with its standalone reorganisation centered around a split of its assets. The fund, whose approach has effectively been in limbo since November 2021, will tell in a letter to TIM expected later on April 4, 2022 it remained interested in acquiring Telecom Italia but that due diligence checks were needed before any bid was formalised because the market had changed, the source said. This clashes with TIM’s approach of giving the fund access to its books only after a formal bid has been made. In a letter sent to the U.S fund last week, TIM had asked KKR to clarify by April 4, 2022 whether the November price of 10.8 billion euros for the equity was confirmed, sources have said. TIM also sought clarification of whether KKR’s due diligence would only have a confirmatory nature, meaning it would have to be preceded by a formal offer, the same sources said. TIM’s board is expected to discuss KKR’s letter and a separate proposal from private equity firm CVC for a stake in its enterprise service business on April 7, 2022.