Telecom Italia Chairman and shareholders contemplating next move for the firm
According to Telecom Italia Chairman Franco Bernabe, the firms needs to set a new path for itself before deciding on a new partner. Italy's largest fixed line telecommunications firm said the company was not in immediate need for a new investor.
Bernabe further said that the company had ruled out the possibility of contracting with a purely financial partner. This statement comes after the company is the subject of takeover speculation.
According to several sources who have told Reuters, both the management and core shareholders of Telecom Italia are contemplating alternatives to improve its current ownership structure. The company's 22.4% is owned by Telco, a holdings company that is owned by Intesa Sanpaolo, Generali, Mediobanca together with is competitor, the Spanish telco Telefonica.
According to Bernabe, who spoke to media during a lull in a business conference held at Cernobobbio, "What is required is an industrial plan which could include an industrial partner with Telecom on an equal footing. There is no need for financial investors. We have already been there."
Join the Conversation