Telecom Italia’s (TI’s) offices have been raided by securities market regulator Consob and financial police in connection with its planned disposals, a €1.3bn mandatory convertible bond offering, and policies and procedures on confidential…
Telecom Italia’s (TI’s) offices have been raided by securities market regulator Consob and financial police in connection with its planned disposals, a €1.3bn mandatory convertible bond offering, and policies and procedures on confidential information.
The Italian incumbent issued a statement today stressing that it has “always operated in compliance with the laws and regulations that regulate the financial market and guarantees the maximum collaboration with the authorities”.
According to Telecom Italia the authorities are after information on the bond offering, priced earlier this week, the procedure underway to sell the company’s 22.7% stake in Telecom Argentina, and company policies surrounding privileged information and the keeping of the register of people with access to that information.
Last Friday, TI released details of a new, three-year strategic plan to raise up to €4bn (US$5.3bn) through a €1.3bn convertible bond issue and asset sales. Minority shareholders Findim and Asati have criticised the plan, arguing that it caters only for majority shareholders’ interests.
On Monday, Asati president Franco Lombardi sent a letter to Consob appealing for publication of the minutes of the TI board meeting on 7 November along with additional information. Asati, an association of small shareholders in the telco, said in the letter that it reserves the right to take legal action to protect its rights and transparency in the marketplace.
