TIM asks Italian watchdog to delay review over network spinoff - source
Reuters
Published Apr 13, 2019 16:43
TIM asks Italian watchdog to delay review over network spinoff - source
MILAN (Reuters) - Italian phone group Telecom Italia (MI:TLIT) (TIM) has asked watchdog AGCOM to postpone its review of a plan to spin off its fixed-line network because the scheme will be modified, a source close to matter said on Saturday.
TIM CEO Luigi Gubitosi wrote to AGCOM asking to delay its assessment as talks continue with smaller network operator Open Fiber over a possible combination of their networks, the source added, confirming a report in La Repubblica newspaper.
TIM declined comment.
The future of Telecom Italia's network has become a key bone of contention between the phone group's top shareholders, Vivendi (PA:VIV) and activist fund Elliott.
While Elliott has been pushing for TIM to spin off its network and merge it with Open Fiber, Vivendi has opposed TIM losing control of its biggest asset.
Italian state lender Cassa Depositi e Prestiti (CDP), which became TIM's second-largest shareholder and co-owns Open Fiber with utility Enel (MI:ENEI), is keen to ensure the project to create a single network becomes a reality, partly to avoid duplicating investments.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.