The Telecom Italia-appointed panel charged with investigating a possible tie-up with Hong Kong’s Hutchison Whampoa has reportedly not reached an agreement on whether or not to continue with negotiations.
Various media cited Italian newspaper Il…
The Telecom Italia-appointed panel charged with investigating a possible tie-up with Hong Kong’s Hutchison Whampoa has reportedly not reached an agreement on whether or not to continue with negotiations.
Various media cited Italian newspaper Il Messaggero as reporting that the panel, chaired by TI CEO Franco Bernabe, will refrain from making a recommendation on the matter at the board meeting set to take place tomorrow (8 May).
The Italian incumbent established the panel on 11 April to “verify within a short timeframe” the company’s interest in going ahead with a deal that would see Hutchison, owner of Italy’s fourth-largest mobile operator 3 Italia, become the leading shareholder in a combined business. The panel also includes representatives of TI’s largest shareholder, Telco, made up of Telefonica and several Italian financial organisations
The Italian report, which did not cite sources, was said to claim that Telefonica’s panel representative, Julio Linares, opposes the tie-up.
Telecom Italia was not immediately available for comment.
The telco is also looking into a potential spin-off of its fixed-line network. Last Friday (3 May), various media reported that the company has prepared a draft term sheet for an investment into the asset by state-owned bank Cassa Depositi e Prestiti (CDP).
