If the centre-left PD party implodes, #Italy risks remaining stuck between two large populist parties (Grillo and Berlusconi) #politics
MILAN (Reuters) – Telecom Italia has asked Chairman Franco Bernabe and four board members to assess proposals for a merger with Hutchison Whampoa’s local mobile phone unit 3 Italia, three sources familiar with the situation said on Thursday.
Earlier this week sources with knowledge of the situation had said Hong Kong-based Hutchison was interested in taking a near 30 percent stake in Italy’s biggest telecoms operator under a plan to sell 3 Italia to its rival.
MILAN (Reuters) – Telecom Italia’s board (TLIT.MI: Quote, Profile, Research, Stock Buzz) met on Thursday to discuss a potential tie-up with Hong Kong’s Hutchison Whampoa (0013.HK: Quote, Profile, Research, Stock Buzz), which sources say wants nearly 30 percent of the Italian firm.
Telecom chairman Franco Bernabe, under pressure to improve margins at the debt-laden phone company, hopes for initial backing for the plan; sources close to the talks say it would see Hutchison buy a 12-percent stake now held by three Italian investors and merge its Italian mobile phone unit 3 Italia with Telecom in exchange for about a further 18 percent in the group.
MILAN (Reuters) – Telecom Italia SpA (TLIT.MI: Quote, Profile, Research, Stock Buzz) Chairman Franco Bernabe will seek permission to deepen talks with the Hong Kong-based conglomerate said to be targeting 29.9 percent of the company, sources familiar with the situation said.
Bernabe, at the helm of Italy’s biggest phone group since Spanish competitor Telefonica (TEF.MC: Quote, Profile, Research, Stock Buzz) and three Italian investors took control in 2007, is under pressure from shareholders to deliver a strategy that can lift the company’s shares from current near-record laws.
MILAN, April 9 (Reuters) – Hutchison Whampoa (0013.HK: Quote, Profile, Research) could
be targeting a stake of 29.9 percent in Telecom Italia (TLIT.MI: Quote, Profile, Research)
as part of a deal that would give the Italian company
Hutchison’s local mobile business, 3 Italia, newspaper Il
Messagero said on Tuesday.
Shares in Telecom Italia jumped an initial 5 percent on the
back of the report at the opening and were still up 3.4 percent
at 0.59 euros at 0828 GMT.
ROME/MILAN (Reuters) – A long stalemate since Italy’s inconclusive election has left government departments in Rome becalmed until a new administration arrives and powerless to respond to increasingly desperate calls for action from business leaders.
More than 40 days have passed since the parliamentary election, with rival center-left and center-right leaders Pier Luigi Bersani and Silvio Berlusconi and the populist 5-Star Movement led by ex-comic Beppe Grillo no closer to an accord that would allow a government to be formed.