Telecom Italia (TI) chairman and CEO Franco Bernabe has reportedly received a mandate from the board to negotiate a potential merger with Hutchison Whampoa’s mobile unit 3 Italia.
Italian newspaper Il Messaggero and Reuters reported that three board…
Telecom Italia (TI) chairman and CEO Franco Bernabe has reportedly received a mandate from the board to negotiate a potential merger with Hutchison Whampoa’s mobile unit 3 Italia.
Italian newspaper Il Messaggero and Reuters reported that three board members – Julio Linares of Spain’s Telefonica, Elio Catania of Intesa Sanpaolo and Gabriele Galeteri of Assicurazioni Gernerali – will negotiate alongside Bernabe. Telefonica, Intesa Sanpaolo and Assicurazioni Gernerali form part of Telco – the Italian incumbent’s largest shareholder.
A spokesperson for TI was not immediately able to comment.
The board met today to discuss the potential tie-up with the Italian mobile operator of Hong Kong-based Hutchison, first announced early this month. Yesterday, TI issued a short statement reiterating it has had only “preliminary and non-binding” contacts with Hutchison on the matter.
