Telecom Italia needs to raise capital, says president

News General Italy 25 SEP 2013
Telecom Italia needs to raise capital, says president
Telecom Italia needs to raise capital from investors to reduce its debt of EUR 29 billion and prevent its credit rating from being cut to 'junk' (speculative grade), according to its chairman. 'There is a lot of liquidity, there are favourable conditions for the capital increase,' Franco Bernabe said during a hearing in the Italian Senate. A union representative told Reuters that Bernabe was preparing an ambitious investment in Italy, which, if approved, may require a capital injection in Telecom Italia. A source with knowledge of the matter said that a realistic amount for fund-raising is between EUR 3 billion and EUR 5 billion.

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General

Companies:

Telecom Italia

Countries:

Italy

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Company, Corporate, Finance, Corporate strategy, Financial funding

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