Hutchison Whampoa seeks controlling stake in Telecom Italia

News General Italy 11 APR 2013
Hutchison Whampoa seeks controlling stake in Telecom Italia

Telecom Italia confirmed that Hutchison Whampoa is interested in becoming its controlling shareholder. In a statement after its latest board meeting, the Italian operator Hutchison has made the sale of 3 conditional on it also becoming Telecom's largest shareholder, the company said. Earlier press reports in Italy suggested that Hutchison could take over the stake of the Telco consortium, which has 22.4 percent in the operator.

Telecom Italia has named a committee led by executive chairman Franco Bernabe to continue evaluating the proposed transaction with Hutchison. It also includes the directors Luigi Zingales, Gabriele Galateri, Elio Catania and Julio Linares. 

Also at the board meeting the operator decided to go ahead with plans for spinning off its fixed network. The board mandated management to define the operational process and feasibility of the structural separation of the access network.

Categories:

General

Companies:

Telecom Italia,  3 Italia

Countries:

Italy

Tags:

Wholesale, M&A buyouts & divestments

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