MILAN, April 5 (Reuters) – Telecom Italia is in
contact with Hong Kong-based Hutchison Whampoa over a
possible tie-up with its Italian mobile phone business.
The move is the indebted Italian company’s latest attempt to
revive its fortunes, with Chairman Franco Bernabe under pressure
from investors to deliver higher returns and lift the share
price from near all-time lows.
MILAN, April 5 (Reuters) – Telecom Italia has made
contact with Hong Kong-based Hutchison Whampoa to
study a possible fusion with its 3 Italia unit, the Italian
company said on Friday, sending its shares up 4 percent.
“The contacts are in such embryonic and preliminary state
that the company cannot further comment on the news,” Telecom
Italia said in a statement.
MILAN, April 5 (Reuters) – The board of Telecom Italia
is expected to discuss a possible tie-up with
Hutchison Whampoa’s Italian business next week,
sources with direct knowledge of the situation said, in new
attempt to revive the company.
Chairman Franco Bernabe is under pressure from shareholders
to deliver higher returns that could lift the indebted company’s
share price from just above all-time lows.