Telecom Italia has attempted to ease concerns that a spin-off of its network assets has become less likely. The comments came in reply to an earlier media report that resulted in TI’s shares dropping 4% in Friday morning’s trading.
In a statement,…
Telecom Italia has attempted to ease concerns that a spin-off of its network assets has become less likely. The comments came in reply to an earlier media report that resulted in TI’s shares dropping 4% in Friday morning’s trading.
In a statement, the company said that “management and the advisors are still carrying out the analyses and in-depth examinations whose results will be presented to the Board of Directors meeting on 6 December.”
TI has hired Morgan Stanley, Intesa Sanpaolo, Mediobanca and Barclays to advise on the spin-off.
Italian daily Il Sole 24 Ore reported in today’s edition that talks with Cassa Depositi e Prestiti (CDP) have run into difficulties. The state controlled fund and the operator have held discussions for several months over an investment into a spun off network asset that would give CDP a 30 % stake in the new joint venture.
Today’s report suggested that the parties disagree over valuation of the assets, and that TI believes the asset is at least worth €15bn.
Another dispute is about the question who should lead the network business, the paper said, without citing sources.
