Is KKR’s conditional public-to-private bid valuing Telecom Italia ( TI ) at €33 billion ( US$37 billion ) financeable? That’s a question on the lips of a lot of European financiers at the moment. Of course, it’s early days; the horse trading has only just begun. TI shareholder Vivendi reckons the initial bid price is derisory although its 23.75% stake is not big enough to veto a deal, which is conditional on getting 51% of votes on side. Meanwhile rival financial sponsors, reportedly including Advent and CVC, are on the prowl.